Mercator Lines (Singapore) has signed three memoranda of agreement to sell three of its panamax bulk carriers to one of its lenders for a combined $14.8m.
The Singapore-listed owner says it has received a notice of enforcement from the unnamed lender, who is the mortgagee of the vessels to be sold. The bulkers are: Kesari Prem (69,200 dwt, built 1997), Gauri Prem (74,500 dwt, built 2007) and Sri Prem Aparna (73,500 dwt, built 2001).
The sale was negotiated on an arms-length basis at market value, and will consequently reduce the debt owed to the lender by $14.8m, said Shalabh Mittal, Mercator’s managing director and CEO, in a filing today.
The ships are expected to be delivered to their buyers this month and in January 2016.