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Mercator snaps up panamax for $22m

Mercator snaps up panamax for $22m

Singapore: Mercator Lines said it has entered into an agreement to buy a Japanese gearless Panamax dry bulk vessel.??At a cost of US$22 million, the vessel was built by Imabari Shipbuilding six years ago.??The vessel is due to be delivered sometime over the next two months.??The company said the addition of this new vessel will expand its owned fleet to 13 vessels.??The vessel will be contracted on a long-term bare boat charter with a reputed company for 36 to 41 months.??Mercator Lines said this would generate revenues of US$14 million over the next three years.??The company added that the proposed acquisition is expected to have a positive impact on its earnings per share and operating results for the current financial year. [26/10/10]

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