Mercator Sells Another Vessel
By Aiswarya Lakshmi
March 31, 2016
Dry bulk shipping company Mercator Lines has inked an agreement to sell another vessel in an attempt to reduce its debt.
The MV Kalpana Prem will be sold for US$2.9 million to a third party. It is expected to be delivered in April.
In January, the dry bulk shipping firm said it was selling five vessels for US$32.3 million.
The latest vessel is secured to the company's major shareholder, Mercator International (MIPL), and will be sold to a third party for US$2.9 million, reducing the debt owed to MIPL.
Mercator Lines was placed under judicial management in January. Mercator International Pte, subsidiary of Mercator, has received approval from Singapore Exchange for divestment of its entire stake in Mercator Lines (Singapore).
Separately, its judicial manager also revealed that HSH Nordbank AG Singapore has filed a winding up application against Mercator's subsidiary Varsha Vidya.