Fleet sale on the cards for Mercator’s bulkers

Fleet sale on the cards for Mercator’s bulkers

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”.

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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