Mercator Lines (Singapore) acquires first vessel

A subsidiary of India’s Mercator Lines Limited has signed an $65.5m agreement with Tanagra Shipping to purchase a 69,221dwt geared Panamax dry bulk carrier, “YK Titan”.

The vessel, currently hired on a time charter basis by Mercator Lines (Singapore) Limited (MLS), is the first vessel acquired by the company since its IPO listing in Singapore on December 14, 2007 and is scheduled for delivery around Jul/Aug’08.
“Our special selection of geared vessels provides us with a distinct versatility that enhances trading flexibility at the ports of the Indian Sub-Continent where port facilities remain underdeveloped,” says Shalabh Mittal, MLS md and ceo. “Mercator has the largest fleet of geared Panamaxes amongst the Indian-owned shipping companies, hence providing us with a strong competitive edge in the Indian markets.” The acquisition of YK Titan will expand MLS’ owned fleet to eight ships comprising four gearless Panamax and Kamsarmax ships and four geared Panamaxes. MLS has also recently agreed to charter out another 92,500dwt gearless Post-Panamax vessel to COSCO (H.K.) Shipping subsidiary, Refined Success Ltd. The Post-Panamax vessel will be chartered to RSL for a period of approximately 35 to 37 months, at a fixed daily rate of $39,500, beginning anytime between May 01 - September 30, 2009.

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