AsiaDry Cargo

Mercator’s creditors take five bulkers

The judicial manager appointed to oversee the bankruptcy of Mercator Lines (Singapore) has announced five ships of the listed dry bulk subsidiary of the Indian owner are to be sold to lenders for $32.3m.

The vessels – Sri Prem Veena, Garima Prem, Garv Prem, Gaurav Prem and Aarti Prem – were sold at market value, Mercator said in a release.

The vessels will be delivered by February this year.

The firm’s chairman and non-executive director, Harish Kumar Mittal, and three other non-executive directors have resigned from the firm in the past 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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