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 June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Asia Dry Bulk Capesize Rates Stay Flat

Rates for capesize bulk carriers on key Asian routes are set to remain in the doldrums next week, staying flat or gaining just a few cents as an oversupply of ships weighs on cargo availability,

ISC Profit Slip in Q2 2014 but Pay Dividend

International Shipholding Corporation (ISC) has announced financial results for the quarter ended June 30, 2014, summarized here: Net Loss he Company reported a net loss of $664,

BMT Oceanica Wins Major Water Corporation Bid

Marine and coastal environment specialist, BMT Oceanica (BMT), a subsidiary of BMT Group Ltd, is delighted to announce that it has won the bid to provide Ocean

Bulk Carrier Trends

Asia Dry Bulk Capesize Rates Stay Flat

Rates for capesize bulk carriers on key Asian routes are set to remain in the doldrums next week, staying flat or gaining just a few cents as an oversupply of ships weighs on cargo availability,

ISC Profit Slip in Q2 2014 but Pay Dividend

International Shipholding Corporation (ISC) has announced financial results for the quarter ended June 30, 2014, summarized here: Net Loss he Company reported a net loss of $664,

Egypt Buys 175,000mt of Russian Wheat

Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), said on Wednesday it had bought 175,000 metric tons of Russian wheat for shipment Sept.

Finance

Asia Dry Bulk Capesize Rates Stay Flat

Rates for capesize bulk carriers on key Asian routes are set to remain in the doldrums next week, staying flat or gaining just a few cents as an oversupply of ships weighs on cargo availability,

ISC Profit Slip in Q2 2014 but Pay Dividend

International Shipholding Corporation (ISC) has announced financial results for the quarter ended June 30, 2014, summarized here: Net Loss he Company reported a net loss of $664,

Hornbeck Offshore Ride High on Q2 2014 Results

Hornbeck Offshore Services, Inc. has announced its financial results for the second quarter ended June 30, 2014.  Following are highlights for this period and excerpts

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1132 sec (9 req/sec)