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Bulyard Shipbuilding Industires to build four vessels in 2010

Thu, Jan 07 2010 15:58 CET

byNick Iliev

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Bulyard Shipbuilding Industires to build four vessels in 2010

Photo: Anton Popov

Bulyard Shipbuilding Industries, based in Varna was poised to complete four new vessels in 2010, Bulyard CEO Dimitar Zhelev was quoted as saying by Dnevnik daily on January 7 2010.

This has come in spite of the global economic downturn, which had affected the industry and demand for new ships had subsequently decreased.

"The Bulgarian Government could help alleviate the situation by creating a fund to subsidise the industry," Zhelev said.

"We also need amendments in the current law so that the Bulgarian flag will be 'more convenient,' so shipowners will opt for ours and not for foreign flags" he added.
Necessary changes included more coherent information pertaining to tonnage tax, docking and chartering in the open seas, among others.

Currently, about 1000 people found employment in the shipyards of the Varna based firm and in spite of the global downturn, Bulyard was not contemplating any layoffs. Zhelev participated in the christening of the latest vessel, Martsiana, which was constructed in Varna for a private company. The Martsiana was a 9800 ton ship, staffed by an 18-member crew with Georgi Sarakchiev as skipper. She will sail under a Maltese flag.

Bulyard Shipbuilding Industries is a subsidiary of Bulyard AD, in which Industrial Holding Bulgaria currently holds a 61.5 per cent stake.

Tirista Ltd. from the Marshall Islands purchased a ship from Bulyard for $21 million on November 1 2009. Tirista is a subsidiary of Industrial Holding Bulgaria through Private Engineering AD, and purchased the vessel, with designated number 459, from Bulyard Shipbuilding Industry. The vessel was still under construction but was expected to be delivered by July 2010.

In October 2009, Industrial Holding Bulgaria reported that a contract for the construction of a vessel worth in excess of $23 million had been cancelled.

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Industrial Holding Bulgaria reveals decline in profits

All heavy industry manufacturing plants under the collective umbrella of Industrial Holding Bulgaria, except one, Elprom ZEM, reported a 61 per cent decline in demand for the period January-September 2009.

Tirista Ltd purchased a ship from Bulyard for $21M

Bulyard Shipbuilding Industry EAD is a subsidiary of Bulyard AD, in which Industrial Holding Bulgaria PLC currently holds 61.5 per cent of the voting shares

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