Navibulgar goes local for newbuildings

Bulgarian shipping company Navigation Maritime Bulgare (NMB) and the new shipbuilding consortium Bulyard signed a contract to build three ships at a total cost of EUR 58 million. The three newbuildings are scheduled for delivery in 2007.

Navibulgar?s fleet has grown to more than 83 owned ships totaling over 1.8 million dwt, making the company the biggest ship owner in Bulgaria and one of the largest in the Black Sea and Eastern Mediterranean region.

The new shipbuilding consortium Bulyard officially assumed possession of the 75% of the Varna shipyard from NMB two years ago.