In further updates to yesterday’s news that India’s Mercator has decided to wind up its Singapore dry bulk business, the company has revealed a judicial manager has been appointed at the Singapore-listed vehicle.
The court appointed manager will look at how best to pay back creditors from the assets held by Mercator Lines (Singapore). A fleet sale is viewed as likely. The subsidiary has 12 owned bulkers – a mix of panamaxes and kamsarmaxes.
In other news Harish Mittal stepped down yesterday as chairman and non-executive director of Mercator Lines (Singapore). He is the executive chairman of the whole Mercator group.
The group has stressed that all other divisions of Mercator India – including dredging, tankers, coal, logistics, oil and gas – are operating “satisfactorily”.