Mercator Lines Sells a Tanker
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.
Mercator Exists Dry Bulk, Divests Fleet
As a part of an ongoing portfolio restructuring exercise following booking of losses for three years in a row, Mercator Limited has decided to exit dry bulk business carried on by its arm Mercator Lines(Singapore) Ltd(MLS). Mercator has 11 bulkers in its fleet, ranging between 70,000 and 92,50 dwt built from 2001 to 2010. The Board of Directors of the company in a meeting have approved to stake sale proposal and a sole placement agreement has been appointed to identify the prospective investor/buyer for the sale of entire stake in Singapore Stock Exchange listed MLS. The bulk carriers business has been the worst affected by the downturn in the shipping cycle with the Baltic Dry Freight having collapsed from a level of 11…
Mercator Acquires Two Dredgers
Mercator Limited announced that it is expanding its dredging business by adding two more Dredgers to its fleet. Mercator,India's largest Marine and Energy group with businesses in Oil & Gas, Coal, Shipping and Dredging, has taken delivery of two European built dredgers; one is a Trailer Suction Hopper Dredger which would be one of the largest capacity dredgers in India and second a Bucket Ladder Dredger. Both these dredgers would be commissioned around first week of September this year. The above acquisition substantially enhances the capacity andcapability of Mercator to serve the coastal dredging activities atmajor and minor ports of India as well as the Indian Navy.
