Mercator Lines Acquires Vessels

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Mercator Lines Limited, India’s 2nd largest private sector shipping company (in terms of tonnage) has acquired 1993 built MR Tanker of 42,235 DWT

(I-Newswire) March 18, 2010 - Mercator Lines Limited, India’s 2nd largest private sector shipping company (in terms of tonnage) has acquired 1993 built MR Tanker of 42,235 DWT. Similar type of vessel was acquired in December ’09. Cost of acquisition of both the vessels was about Rs 83 cr, which was financed through mix of debt and internal accruals. Both the vessels have been deployed gainfully immediately after acquisitions.

Further, the Singapore based subsidiary Mercator Lines (Singapore) Ltd. Listed on SGX has recently contracted to purchase a modern gearless Panamax Dry bulk carrier for approximately Rs. 175 Cr. The vessel is less than 3 years old, built in 2007 and has a capacity of about 74,483 DWT. The vessel is expected to join the fleet in April/May 2010 with an attached charter with a reputed company for a period of 3 years of an aggregate amount of about Rs. 110 cr.

About Mercator Lines Limited:

Mercator Lines Limited, the second largest private sector shipping company in India (by aggregate fleet tonnage capacity), has global presence through its subsidiaries. The group has diversified interests and has a presence in Tankers, Bulk Carriers, Dredging, Coal Mining; Logistics and Offshore and presently owns or operates a fleet of 1 Rig; 15 dry carriers; 9 tankers and 4 dredgers. Mercator Lines has an uninterrupted dividend record since its listing on the Stock Exchange in 1993. From: Mitesh M Kapadia - +91 98205 03876. Sentinel Public Relations Pvt Ltd / Sentinel Advertising Services, B-603, Samajdeep, Adukia Road, Off S V Road, Kandivli (W), Mumbai 400 067. INDIA. Tel: (91 22) 28625131/32. Fax: (91 22) 28625133. Email: mitesh@publicrelationindia.com. URL: www.publicrelationindia.com

About Sentinel Public Relations P Ltd:
We offer comprehensive Public Relations & Corporate Communications services throughout India

Company Contact Information
Sentinel Public Relations P Ltd
Mitesh M Kapadia
B603, Samajdeep, Adukia Road, Kandivali West
Mumbai
400 067
Phone : 912228625131

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Business > Stocks

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logistics shipping Sentinel mercator mittal

Published on:

March 18, 2010

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