The Dynamic Express News

Indian shipping company Mercator Limited has decided to sell one of its vessels, Vedika Prem, as part of its strategic plan.The MR2 tanker has been sold for a total consideration of INR 28.54 Crore (around USD 4.1 million) to an unnamed buyer."The deal was concluded yesterday (November 29). The proceeds from the sale would be used to meet the companies debt obligations and liabilities," said a stock exchange annoucement the company with diversified business interests in Coal, Oil & Gas, Commodity Transportation and Dredging."The aforesaid transaction does not fall within the definition of related party transactions and not a material related party transaction.

Conflicting forecasts were circulating in the Asian clean tanker market during the ninth week of stagnant trading, brokers said. "Next week there's plenty of ships but there's nothing prompt, so the supply side is looking good, but the demand side is a disaster," said a Singapore broker. He pegged the benchmark route from Singapore to Japan at W230 ($15.04 per ton) for 30,000 ton cargoes, down 10 points from the middle of last week. "It'll fall another five points before the end of the week," he added. The route touched W300 in June. "Gone are the days of charterers fixing seven or more days ahead. They're just waiting around, taking a chance at picking off the more desperate owners," said another.