Mercator terminates two charters

Singapore: India’s Mercator Lines, which is listed in Singapore, has announced it has terminated two charters and settled with the owners of the Chaitali Prem and the Chanchal Prem. The company will pay to the owners an aggregate cash compensation of US$9,017,000 and will do this via issuing new ordinary shares. Mercator is the first of many companies in 2013 likely to be announcing charter terminations in what is expected to be a tough year for all trades.  [03/01/12]

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