Mercator offloads dry bulk subsidiary for nominal S$3

Mercator offloads dry bulk subsidiary for nominal S$3

$2.16. That’s the nominal US dollar sum India’s Mercator has sold its dry bulk subsidiary for today in Singapore at a time where the Baltic Dry Index stands at an all time low of 291 points.

The 9m shares in the Mittal family controlled Singapore subsidiary were sold today with three entities paying S$1 each for the firm, which announced it was entering judicial management last month. The deal still has to be cleared by the Singapore Exchange.

Singapore’s Bellerophon Holdings, MIB Investments, and Wroclaw Holdings will also be taking on $147.2m of debts and six owned ships plus one on charter. Another five vessels were handed over to creditors last month. Little is known about the Wroclaw Holdings, while MIB Investments is controlled by Singapore investment banker James Kho and Bellerophon is part of a business empire controlled by Anirved and Aniruddh Mundra in Kolkata.

Mercator’s other divisions including dredging, tankers, coal, logistics and oil and gas, are performing “satisfactorily”, the company said last month.

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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