Mercator Sells VLCC Nerissa

India's Mercator, which has diversified from being only a “Shipping” company to an “Energy focused conglomerate”, has clinched a deal to sell its last very large crude carrier (VLCC).

In a stock exchange announcement, the company has confirmed that it has sold its VLCC 'Nerissa', which was built in 2006, for a total net consideration of USD 27.5 million.

The company said that the proceeds from this sale will be utilised to bring down its debt and other liabilities.

The company further clarified that the sale does not fall within the definition of related party transactions.

Mercator has a presence in varied segments, namely, shipping, offshore services, oil exploration and production, dredging, coal mining/trading and logistics.