The state privatisation agency has admitted only one candidate, KG Maritime Shipping, to take part in the bidding for 70% of the sea shipping company Navibulgare. KG Maritime Shipping is set up by the German charter firm Marrtrade Shipping Transport (70%) and local Advance Properties (30%). Martrade is chartering more than 100 vessels while Advance Properties has not experience in the shipping business. The Indian Accord Shipping Agencies, which manages some 200 vessels, controls 1% of the German charter company. The privatisation body decided that the other two candidates, Greece ’s Chartworld Shipping Corporation and India ’s Essar Shipping&Logistics, do not meet all tender criteria. As recalled, a total of 23 firms purchased tender documents but only three candidates have submitted requests for participation in the tender. The privatisation agency expects a preliminary offer by Nov 8. The executive director of the privatisation agency, Todor Nikolov, comments that the follow-up privatisation procedure may be accelerated as negotiations will be held with only one investor. The net asset value of Navibulgare indicates that the price offers for the 70% stake should exceed EUR 350mn while experts’ estimates forecast a price of some USD 700mn. Navibulgare expects its profit to increase by 140% to more than BGN 45mn (EUR 23mn) this year.