Mercator Lines to sell five vessels for US$32.3m

DRY bulk shipping company Mercator Lines, which came under judicial management on Jan 18, is selling five vessels for US$32.3 million.

The vessels - MV Sri Prem Veena, MV Garima Prem, MV Garv Prem, MV Gaurav Prem and MV Aarti Prem - were secured to the syndicate lenders, and are being sold to related companies of the lenders at market value, said Mercator in a Singapore Exchange filing on Wednesday.

The vessels will be delivered by February this year.

The firm's chairman and non-executive director, Harish Kumar Mittal, and three other non-executive directors have resigned from the firm in the past month.

Trading in the shares has been suspended since Nov 12.