Bulyard refurbishing

Bulgaria’s Bulyard Shipping Industry (BSI), a unit of the Bulyard consortium, plans to invest 2 million euro in refurbishments and new equipment in 2006. The consortium will use bank loans to finance its investment program.

The bulk of the money will go to purchase new blasting and painting chambers, forklifts, welding and painting equipment, a second plasma cutter, as well as ship design software.

In 2006, BSI plans to complete the construction of the first of two ships which it is building under a contract with Cyprus-registered Bulcom Ltd, a shareholder in the Bulyard consortium. The 9,370 dwt vessel is priced $8.6 million.

The yard is also working on an order from the national maritime fleet, Navigation Maritime Bulgare, for three vessels, the first of which should be delivered in April 2007.

BSI, which occupies the facilities of the former Varna shipyard, has a staff of 1,000, including 250 office workers.