Mercator selling 20-year-old VLCC for $44.4m

 

Singapore: Singapore-listed Indian firm Mercator Lines (Singapore) is selling its VLCC, the 279,000 dwt, 1993-built Sri Prem Putli, for $44.4m. The ship will be delivered to unspecified owners next month along with its existing charter. “The sale is subject to the approval of the mortgagee to which the vessel has been mortgaged,” Mercator added. 

The company intends to allocate the net proceeds from the sale of the vessel towards part prepayment of the loan facility against which the vessel is mortgaged, and towards payment for the early termination of charters of its long term chartered-in vessels and for general corporate purposes.  [07/02/13]

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