The state privatisation agency has endorsed a preliminary contract for selling 70% of the state sea fleet Navibulgar to KG Maritime Shipping. The project contract should be approved also by the supervision council of the agency and the cabinet. KG Maritime Shipping won recently the privatisation tender for the said stake in Navibulgar for BGN 440.1mn (EUR 225mn) and vows to invest BGN 779.8mn over a ten-year period. Most of the funds are earmarked for purchase of ships, as the average age of the fleet is 24 years at present. KG Maritime Shipping announced plans a month ago to buy 25 new ships for the sea fleet in ten years and has already contacted producers from Japan and South Korea . The state will offer its residual stake of 30% to KG Maritime Shipping 5 years later in case that the line investment commitments are fulfilled. KG Maritime Shipping is 70% owned by the German charter firm Маrtrade Shipping Transport and 30% by the local firm Advance Properties. Martrade is chartering more than 100 vessels while Advance Properties has no experience in the shipping business.