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

Contracts

RWE Dea Awarded Two New Concessions in Egypt

In the International Bid Round 2013, RWE Dea has been awarded two new offshore concessions with operatorship by the Egyptian General Petroleum Corporation (EGPC).

Woodside Names LR Energy as Global Inspection Provider

Australia’s Woodside has signed on Lloyd’s Register Energy to act as its global inspection provider across a number of assets.Lloyd’s won the contract to provide surveillance inspection,

Sacramento & Stockton Ship Channel Dredge Contract for Ross Sand & Gravel

The US Department of Defense inform that Ross Sand and Gravel, Portland, Oregon, has been awarded a US$24,000,000 firm-fixed-price contract for maintenance dredging

Bulk Carrier Trends

Ferus Smit Building LNG Powered Cement Carrier

The first unique LNG powered ship that Ferus Smit has on order for Erik Thun A.B. will be built and equipped as a dedicated cement carrier. The ship will be delivered to the joint venture JT cement,

Scorpio Bulkers Upsizes Public Offering

Scorpio Bulkers Inc. announced today that it has further upsized and priced its previously announced offering of senior unsecured notes due 2019 in a registered public offering.

Sharp Slowdown in China Industrial Activity

The slowdown in Chinese industrial production growth ads to the existing concerns that China is going through challenging times, as Beijing aims for a soft landing and a transition of the economy,

Finance

Aiming to Make Less Fuel Go Further: Maersk Drilling

Maersk Drilling says it is engaged in an energy efficiency project for its newbuilds together with Maersk Maritime Technology. The project involves an Energy Management System (MSPS),

Sound Oil Announce 2014 Interim Results

Sound Oil, the European / Mediterranean focused upstream oil and gas company, announced its unaudited interim results for the six months ended 30 June 2014.   Highlights   *

Tax Relief for Indian Seafarers

Indian seafarers serving on Indian flagged vessel are forced to pay income tax if their vessel touches two Indian ports during a voyage whereas Indians serving

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Pipelines Pod Propulsion Ship Repair Ship Simulators Sonar Winch
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: 0.1298 sec (8 req/sec)