Mercator Lines Sells Three Bulk Carriers
By Aiswarya Lakshmi
Thursday, December 24, 2015
Mercator Lines (Singapore) has agreed to sell three vessels, namely the Kesari Prem, Gauri Prem and Sri Prem Aparna on behalf of the vessels' mortgagee.
Pursuant to this, the Company has entered into 3 Memorandum of Agreement to sell these 3 vessels to related companies of the Lender on arms-length basis at market value for total net proceeds of US$ 14.8 million, thereby reducing the debt owing to the Lender by the sale price.
"The vessels will be sold at “arms-length basis” for total net proceeds of US$14.8 million ($20.8 million). The purchasers will be companies related to the mortgagee or lender," says a company statement.
Mercator had received a Notice of Enforcement from the mortgagee of the three vessels, requesting that they be sold to pare debt owed. The purchasers will be companies related to the mortgagee or lender. The vessels are expected to be delivered this month or in January 2016.