Bulgaria Expects Binding Offer for State Shipping Co Jan 9

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

29 Nov 2007

Bulgaria's privatisation agency said on Tuesdya it expected the binding offer for the state shipping company Navigation Maritime Bulgare (Navibulgar) by January 9. Earlier this month, the consortium between Bulgarian firm KG Maritime Shipping and German-registered Martrade Shipping Transport had made the only bid matching the agency's criteria.The consortium will now carry out its due diligence of the shipping company before putting in a binding offer.Although 24 firms and consortiums bought tender paperwork earlier this year, only three had submitted preliminary bids.Bulgaria wants to sell an initial 70% stake in the company, with an option for the chosen investor to buy the remaining shares at a later date. To qualify, bidders needed to prove prior experience in the field, having rented or operated a fleet with a total capacity of 1,3 million tonnes for each of the past three years, as well as provide credit letters from banks with a credit rating no less than "A3" from Moody's Investors Service. Navibulgar owns 77 cargo ships, mostly bulk carriers with some container and tanker ships, according to its website.