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Mercator Lines takes delivery of a modern Gearless Panamax

  13.05.2010    

Mercator Lines Limited (MLL) , India’s 2nd largest private sector shipping company (by aggregate fleet tonnage capacity) has recently acquired Gearless Panamax vessel of about 74,483 DWT, built in 2007.  The vessel was acquired by its Singapore subsidiary Mercator Lines (Singapore) Ltd. (MLS) at a total cost of approximately Rs 175 crore and financed by mix of debt and internal accruals. In line with Mercator's policy of acquisition of asset backed by deployment; the vessel has been fixed on a long term charter contract with a reputed customer. This contract would bring in revenues of about Rs. 120 crore over the next three years. 
Mercator Lines (Singapore) Ltd. (MLS), which is listed on main board of Singapore Stock Exchange, has won the Singapore Corporate Award (SCA) - Best Annual Report Award (Bronze) for 2009 in the “$300 million to less than $1 billion market capitalization” category. In 2008, its first year since, IPO, MLS had won similar award. 
Says H K. Mittal, Executive Chairman, Mercator Lines Limited, “The delivery of this new vessel has been taken at a time when asset prices are attractive and freight rates are firming up globally. Further winning of the coveted SCA award for second time in a row, emphasizes Mercator’s drive towards better corporate governance”. The three year time charter contract is in line with the Group’s strategy of locking substantial part of its capacity on long term period business. This strategy helps ensures revenue stability and cash flow visibility.  
 


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