The state sea fleet Navibulgare has received the second vessel under the EUR 58.5mn contract with the Varna-based shipyard Bulyard signed in 2005 for construction of 3 ships, the first of which has been already delivered and the last is expected in May next year. The ship has deadweight of 21,000 tons will carry loose cargo. The vessel is priced at EUR 16.5mn. Navibulgare signed in August another contract with Bulyard for building three loose cargo ships, which should be ready in the period from 2009 to 2012. The fleet is undergoing privatisation procedures. 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 from the only candidate allowed to bid for the 70% stake in Navibulgare – KG Maritime Shipping, set up by the German charter firm Маrtrade Shipping Transport (70%) and local Advance Properties (30%). 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.