Mercator Lines Sells Bulker for USD 2.9 Mln

Singapore-listed shipping company Mercator Lines (Singapore) Limited has reached an agreement to sell its MV Kalpana Prem bulk carrier for a price of USD 2.9 million.

The 2000-built vessel was sold to an undisclosed buyer “on an arms-length basis”.

The ship is secured to Mercator Lines’ major shareholder Mercator International Pte Ltd (MIPL), which has received approval from the Singapore Exchange to divest its entire stake in Mercator Lines.

The company added that the ship would contribute to “reducing the debt owing to MIPL by the net proceeds”.

The 73,652 dwt bulker is expected to join its new owner in April, Mercator Lines said in a stock filing.

The move comes on the back of Mercator Lines’ decision to exit the dry bulk market as part of its restructuring efforts.

In January 2015 the company said that it would divest its dry bulk fleet consisting of 11 bulkers, ranging between 70,000 and 92,500 dwt.

Mercator Lines has already sold a number of its vessels.

The company’s bulker trio, Kesari Prem, Gauri Prem and Sri Prem Aparna, was sold at market value for total net proceeds of USD 14.8 million, while another five ships were offloaded for a total of USD 32.2 million.

World Maritime News Staff