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Mercator offloads vintage bulker

Mercator offloads vintage bulker

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Mercator Ltd has sold an elderly panamax bulker that it had earlier earmarked for scrap. Mercator is pocketing $3.8m from selling the 1994-built Prem Poorva to compatriot Natalia Shipping.

Proceeds will be used to repay debts, Mercator said in a release.

The deal leaves Mercator with just one bulker left. Its Singapore dry bulk shipping arm declared bankruptcy a couple of years ago sparking a fleet sell-off.

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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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