Chinese Bank Provides Funding for Navibulgar’s Newbuilds

The Export-Import Bank of China (Exim Bank) is to provide USD 94 million in financing for Navibulgar’s six bulk carrier newbuildings. 

On July 6, representatives of the bank and Bulgarian shipowner Navigation Maritime Bulgare (Navibulgar) signed an agreement for the financing, the Export-Import Bank of China said in a statement.

Last year, Navibulgar ordered 4+2 Bluetech 45 Handymax bulkers from Chinese Jiangsu Yangzijiang Shipbuilding Group. Slated for delivery in 2019 and 2020, the 45,000 dwt ships will have a length of 190 meters, a draught of 10.8 meters, an ice class 1C and a large hold volume for its class.

Market value of each 57,750 cbm newbuilding is around USD 17 million, according to data provided by VesselsValue.

Operating in the Black Sea region, Navibulgar has a fleet of more than 30 bulk carriers. In addition, the company is expected to take delivery of two 42,300 dwt bulkers this year. The ships, Rojen and Musala, are being built at Chinese Jiangsu Hongqiang yard.

The Export-Import Bank of China said that the signing of the agreement came in an effort to promote China’s Belt and Road Initiative. China hopes to drive its ship exports and attract more European shipowners to order new ships at the country’s shipyards.

World Maritime News Staff