Mercator Lines Sells a Tanker

Indian shipping company Mercator Limited has decided to sell one of its vessels, Vedika Prem, as part of its strategic plan.

The MR2 tanker has been sold for a total consideration of INR 28.54 Crore (around USD 4.1 million) to an unnamed buyer.

"The deal was concluded yesterday (November 29). The proceeds from the sale would be used to meet the companies debt obligations and liabilities," said a stock exchange annoucement the company with diversified business interests in Coal, Oil & Gas, Commodity Transportation and Dredging.

"The aforesaid transaction does not fall within the definition of related party transactions and not a material related party transaction. The buyer does not belong to Promoter / Promoter Group Companies," the annoucement added.

Built at Minami Nippon shipyard in Japan in 1993, the 42,200 dwt tanker Vedika Prom has a capacity of 51,619 cbm. The MR2 tanker was previously known as Dynamic Express, had been purchased by Mercator from MOL back in 2010.

The company wesbite says that from humble beginnings, Mercator has diversified from being only a “Shipping” company to an “Energy focused conglomerate”.