Bulgaria’s Navibulgar has completed the purchase of another handysize bulker as it fleet expansion continues.

TradeWinds reported in June that it was in the process of acquiring the 37,000-dwt Cyan Phoenix (built 2010) for the relatively firm price of $7.2m for a Chinese-built vessel.

Navibulgar said the ship has now been renamed Sredna Gora.

It lifts the number of modern bulk carriers in its fleet to 28, with this set to increase to 32 by the end of the year as it takes delivery of 36,000-dwt bulker newbuildings from China.

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