AsiaDry Cargo

Mercator Lines claims it has no funds for an accountant

Mercator Lines (Singapore), the bust dry bulk operator, has had its application to publish quarterly results later than planned approved by the Singapore Exchange.

The company has been granted an extension till 30 November this year to announce its financial results for the previous financial year with the Indian line claiming it has insufficient funds to hire an accountant to prepare the financial statements as well as to engage auditors.

The line has been under court receivership in Singapore from early this year, saddled with large debts, sparking a fleet sell-off.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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