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.