Indian owner Mercator has sold its 2000-built 47,000 dwt MR tanker Prem Mala via an auction as part of a sell off of its fleet.
According to reports by Seasure Shipbroking and Advanced Shipping & Trading, the Japanese-built vessel was bought by UAE-based Nan Lian Shipmanagement for a price of $4.8m, lower than VesselsValue’s valuation of $6m.
Following the sale, Mercator’s fleet is left with one vessel, the 1999-built LR2 tanker Prem Pride.
Once India’s third largest shipowner, Mercator is now severely under pressure with ICICI Bank applying with the National Company Law Tribunal in February to initiate insolvency proceedings against the company.