Mercator Lines Reduce Liabilities in Challenging Market

Press Release
Friday, March 22, 2013

Mercator Lines (Singapore) Indian-owned international dry bulk shipping company cuts short charters, sell a ship.

The sale of the vessel Sri Prem Putli was concluded on 21st March, 2013 resulting in net proceeds of USD 44.4 million. The proceeds from the sale of this ship have been partly used for paying down company’s debts and partly for payment of compensation & expenses relating to termination and change of terms of long term chartered-in vessels. Based on current market rates, the early termination of long term contracts would create estimated savings of around USD 25 million over the next two years.

In addition, the Company prepaid debt close to USD 30 million which would be applied towards immediate repayment schedule. This would assist the company to reduce the leverage to around 0.6 times based on numbers disclosed in the Balance Sheet as on 31 December 2012 and significantly improve its cash flows.

The Company’s proactive initiative of de-risking and liquidity raising has resulted it being in a strong position to face the industry challenges and also take advantage of the market to explore growth opportunities.

Mercator Lines (Singapore) Limited, commenced operations in 2005, and has established a market presence in the Indian coal transport market, specializing in the transportation of dry bulk commodities such as coal into India from Australia and Indonesia and iron ore from India to countries such as China.

 

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Vigor’s Tacoma Yard Delivers Breasting Barges to Foss

Vigor Industrial expands its newbuild capacity in Washington; Tacoma yard delivers three breasting barges   Fabrication teams at Vigor Industrial’s Tacoma, Wash.

Hands Across the Water

U.S. firms leverage Netherlands-based Damen Shipyard’s vessel designs and technical support. For nearly 40 years, Damen Shipyards Group in the Netherlands has

Icebreakers Ordered for Neft’s Novy Port Project

Aker Arctic’s icebreaker design selected for Gazprom Neft’s Novy Port project   Aker Arctic and Vyborg Shipyard have confirmed a contract for the design of two

Bulk Carrier Trends

Baltic Index Perks up on Increased Rates for Bigger Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Thursday as rates for bigger vessels rose.

First B.Delta68 SUL Bulker Ordered

Deltamarin reported that its B.Delta family has scored further success as the Vulica Shipping Co. Ltd ordered the first ever B.Delta68 SUL (Self-Unloading) vessels.

The Boom Continues at Antwerp Port

The port of Antwerp handled a freight volume of 51,023,670 tonnes in the first three months of this year, 5.9% more than in the same period last year. The container

Ship Sales

Capt. Ang Chin Eng New Technical Director of SSA

The Singapore Shipping Association (SSA) has appointed a full time Technical Director who will be responsible for ensuring the Association maintains its pledge

Milaha and UACC Mull Tanker Fleet Merger

Qatar Navigation (Milaha) is in talks with United Arab Chemical Carriers Ltd. (UACC) in the United Arab Emirates (UAE) regarding a possible combination of their

Cochin Shipyard in Pact with Samsung Heavy Industries

India's state-owned Cochin Shipyard Ltd (CSL) has entered into a Memorandum of Understanding (MoU) with Korean firm Samsung Heavy Industries for technology partnership

Finance

Baltic Index Perks up on Increased Rates for Bigger Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Thursday as rates for bigger vessels rose.

Tanker Lifts One Million Barrels of Crude at Hariga

A tanker left Libya's eastern oil port of Hariga after lifting one million barrels of crude, an oil official said on Thursday. No new tanker was expected in the next few days,

Georgia Port Increases Container Traffic

The Georgia Ports Authority increased containerized cargo in March by 27.8 percent compared to the same month a year ago, for an additional 72,499 20-foot equivalent container units (TEUs).

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1264 sec (8 req/sec)