Saturday, October 6, 2007

Essar Shipping bids for Bulgarian shipping company

The Ruias-controlled Essar Shipping and Logistics (ESLL) is among the three bidders for Bulgaria’s Navigation Maritime Bulgare (Navibulgar), a shipping company wholly-owned by the government.


The 106-year-old shipping major is valued at around $700 million. The companies that have submitted letters of interest for a majority stake in Navibulgar to Cyprus-registered ESLL, Chartworld Shipping Corporation of Greece and a consortium of Bulgarian firm KG Maritime Shipping and Martrade Shipping Transport of Germany. Navibulgar operates a fleet of 72 vessels with a total capacity of over 1.3 million dwt.


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