AsiaTankers

Nan Lian Shipmanagement snaps up Mercator MR tanker at auction

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.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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