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70 percent of Bulgaria's marine fleet to be privatized

70 percent of Bulgaria's marine fleet to be privatized

Bulgaria is to sell-off most of the state company that runs this Black Sea country's marine fleet, the government announced Tuesday.
According to the country's Privatization Agency, 70 percent of Bulgarian Maritime Navigation shipping company's capital will be put up for sale, with only investors in maritime transport activities being accepted.
The remaining 30 percent of the company will be offered for sale to the buyer after a period of five to six years.
For a 10-year period, the owner will be required not to petition for liquidation, as well as any type of company transformation, said the agency's executive director Todor Nikolov.
Also for 10 years, the average annual tonnage of the ships should not be less than 1.3 million gross registered tons, and 60 or more percent of the ships should sail under the Bulgarian flag.
The company has 71 vessels.


Updated : 2021-10-16 10:51 GMT+08:00