Asia/Pacific News
Creditors of Singapore Dry Bulk Owner Press for Auction of Arrested Vessel
Creditors of Mercator Lines (Singapore) Limited (Mercator Lines) are pressing for the judicial auction of an arrested vessel, the 74,000 DWT MV Garv Prem, according to reports.
As Ship & Bunker previously reported, the MV Garv Prem is one of five bulk carrier vessels that the company had already agreed to sell to creditors in January 2016 under five separate memoranda of agreement.
"Notwithstanding the memorandum of agreement dated 26 January 2016 for the sale of Garv Prem, Madison Pacific Trust Limited has taken steps, on behalf of the syndicate lenders, to sell the vessel which is arrested in the port of Gangavaram, India through a judicial sale in the Bombay High Court," a company statement read.
As highlighted last month by Ship & Bunker in the weekly VesselsValue.com scrapping report, another of the five vessels, Aarti Prem, has been sold for scrap.
VesselsValue.com say the Panamax's demolition value is $2.37 million.
In February, Mercator Line announced in an SGX filing that it has sold all 900,850,000 shares of its Singapore-based bulk shipping subsidiary, Mercator Lines, for SGD 3 ($2.16) to three private equity investors Bellerophon Holdings Pte Ltd., MIB Investments Private Ltd, and Wroclaw Holdings Ltd.
