BULGARIA'S Port of Varna had reported a 57 per cent year-on-year increase in container

shipping in 2008, according to port executive director Danail Papazov, with the number of port-processed boxes rising to 152,000 totalling 7.65 million tonnes of cargo.

Port revenues stood at LEV35.6 million (US$8.4 million) and produced a profit of LEV2.5 million. Investments totalling LEV11.8 million in 2008, and mainly went towards new equipment, reconstruction and infrastructure upgrades.

Mr Papazov said there was a slowdown in cargo to and from plants in nearby Devnya, as well as in China imports, but exports in grain had increased, reported the Ukraine's Sanna News agency.

He added that the pay for the staff increased 26 per cent. No lay-offs are planned in the expected slowdown because there is a crisis programme in place, providing for spending and investment cuts.

Mr Papazov said that investments planned for 2009 total LEV12 million, which will focus on new towing vessels and equipment for working inside holds.

Source: Schednet