When the Bulgarian shipper Navi-bulgar announced in mid-March that it was shedding 719 seafaring jobs in the coming months, the seemingly predictable reason was that the worldwide economic crisis had forced the company's hand.rnHowever, both the company and independent analysts say that while the poor state of the shipping industry internationally has influenced the move, deeper structural problems are the main cause.rnIn August last year, Navibulgar was finally privatised after a long drawn-out process and Germany's Martrade Shipping &Transport acquired a 70% stake. It is that, combined with the worldwide slump, which caused the company to reduce its staff, it maintains.
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