Mercator’s - Singapore based step-down subsidiary, Mercator Lines (Singapore) (MLS), has concluded the sale of its Very Large Ore Carrier (VLOC), Sri Prem Putli.
The proceeds from the sale will be used by MLS partly for prepayment of its debt and partly for payment of compensation and expenses relating to early termination and change of terms of long term chartered-in vessels. This would assist MLS to reduce the leverage and improve cash flows.
Mercator is the second-largest private sector shipping company on a consolidated basis in India, in terms of tonnage capacity. The group has a presence in varied segments namely shipping, offshore services, oil exploration and production, dredging, coal mining/trading and logistics.