Mercator Lines (Singapore) Terminate Ship Charters Early

Press Release
Tuesday, January 01, 2013

Mercator Lines (Singapore) agree early termination & settlement agreements with owners of bulkships 'Chaitali Prem' & 'Chanchal Prem'.

Briefly, the existing charter of M.V. “Chaitali Prem” ends on or about 31 August 2014. Under the terms of the relevant Early Termination Agreement, the Company will redeliver the vessel to its owner by 31 December 2012.

The existing charter of M.V. “Chanchal Prem” commenced under a charter party dated 20 July 2007 and has a duration ending on a date no later than 15 November 2015. Under the terms of the relevant Early Termination Agreement, the Company will redeliver the vessel to its owner by 31 March 2013.

The consideration for the agreement by the owners to the early termination of the charters of the vessels is summarised as:

(a) Cash Compensation: Mercator will pay to the owners an aggregate cash compensation of US$9,017,000.
(b) Compensation Shares: Mercator will issue an aggregate of 64,215,205 new ordinary shares in the capital of the Company to the owners.

Mercator Lines is also in the process of negotiating similar arrangements with the owner of another long-term chartered-in vessel in order to reduce its long term liability.


 

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

Contracts

Hamburg Süd to Acquire CCNI Liner Service

Compañía Chilena de Navegación Interoceánica S.A. (CCNI) with headquarters in Valparaiso, Chile, and Hamburg Südamerikanische Dampfschifffahrts-Gesellschaft KG (HSDG) with headquarters in Hamburg,

Asia VLCC Rates Could Nudge Higher on Activity

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering

Star Bulk Takes Delivery of First Capesize from JMU

Athens, Greece-headquartered Star Bulk Carriers says it has taken delivery of 'M/V Peloreus' a 182,000 dwt Capesize built by Japan Marine United (“JMU”) and the

Bulk Carrier Trends

Star Bulk Takes Delivery of First Capesize from JMU

Athens, Greece-headquartered Star Bulk Carriers says it has taken delivery of 'M/V Peloreus' a 182,000 dwt Capesize built by Japan Marine United (“JMU”) and the

China Issues New Rules on US DDG Imports

China's Import Inspection Authority, AQSIQ, is now requiring U.S. distiller's dried grains imports to be officially certified free of the MIR 162 GMO trait, the U.

Freeport Says Indonesia Exports Could Resume Soon

Freeport-McMoRan Inc said on Wednesday it expects to "imminently" sign an agreement with Indonesia that would enable it to immediately resume copper concentrate

Finance

ST Engineering Divest 50% Stake In Beijing Zhonghuan

Singapore Technologies Engineering Ltd (ST Engineering) updated today that further to an earlier announcement made on 28 January 2014, Singapore Technologies

Statoil's 2Q 2014 Results

Statoil's second quarter 2014 net operating income was NOK 32.0 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.

Canal Project Slows Panama Economy Growth

Panama's economy expanded in May at its slowest pace since 2009 as major public works projects, including an expansion of the Panama Canal, slowed or wrapped up,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Repair 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: 0.1118 sec (9 req/sec)