Singapore-incorporated Mercator Lines has sold its vessel Prem Poorva to Natalia Shipping Limited.
Under the deal concluded on October 9, 2017, the 69,300 dwt Panamax bulk carrier has been sold for INR 247 million (USD 3.8 million), according to the company.
As disclosed, Mercator Lines will use the proceeds from the sale to repay debts.
The sale comes only a month after the company applied for winding up of its business after it spent months under judicial management.
Built at Hashihama Tadotsu shipyard in Japan in 1994, Sri Prem Poorva is one of the last two bulkers in the company’s fleet, according to the company’s data. Mercator Lines decided to exit the dry bulk business and sell its fleet of eleven bulkers at the beginning of 2016.