Asia/Pacific News
Singapore's Mercator Lines' Sells Another Bulk Vessel
Yit Chee Wah, the judicial manager of Mercator Lines (Singapore) Limited (Mercator Lines) announced Thursday in an SGX filing that it has sold the 73,652 DWT bulk carrier Kalpana Prem for for $2,933,801.65 to a third party on an "arms-length basis."
The Memorandum of Agreement (MoA) for the sale of the vessel is said to have been signed on March 28.
The vessel is said to be secured to the Mercator Lines' major shareholder Mercator International Pte Ltd (MIPL), with the proceeds from the carrier's sale to be directed toward MIPL's debt.
Kalpana Prem is said to be expected for delivery to its new owner by April 2016.
In February, Ship & Bunker reported that Mercator Limited (Mercator) had sold all 900,850,000 shares of Mercator Lines, for SGD 3 ($2.16) to three private equity investors Bellerophon Holdings Pte Ltd., MIB Investments Private Ltd, and Wroclaw Holdings Ltd.
