Банкеръ Weekly

Briefs

NAVIBULGAR HAS SAVED MORE THAN USD3.5MN DUE TO CANCELLED AND CHANGED CONTRACTS

Almost USD3.5MN has been saved as a result of the measures for optimizing the operation of Navigation Maritime Bulgare (Navibulgar), initiated by the company's new management, a report of the Transport Ministry's press centre shows. USD1.8MN of these savings were due to the refused repairs of containers, which Navibulgar's management thought inexpedient/Negotiations have begun with suppliers of oils and fuels, intended to reduce the selling prices. Savings from oil deliveries alone are expected to reach USD250,000.The company has cancelled the extra military risk additional insurance, economizing USD150,000 so far. USD94,830 was saved from cancelling the cargo insurances for the last two months of 2001.All contracts for the use of tug-boats abroad and in Bulgaria are being revised at present. Expenditures are expected to decrease by more than USD200,000 in Bourgas alone. Navibulgar has also cancelled inexpedient projects for re-equipment of ferries for transport of containers, which resulted in savings, amounting to USD 120,000. The company will establish its own repairing facility in Varna for current repairs. In that way Navibulgar's maangement projects to economize about USD500,000 per year.

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