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VLOC sale loss hits Mercator Lines

VLOC sale loss hits Mercator Lines
Singapore: Mercator Lines (Singapore) has warned it will report a loss for the nine months ended 31 December 2012 due a loss on the sale of a VLOC and charter renegotiations.

The Singapore-listed arm of Indian shipowner Mercator said it expected to report a net loss when it announces its nine-month financial results on 15 February. The company blamed the expected loss on the sale of the 1993-built VLCC Prem Putli, which it converted to a very large ore carrier in 2009. The vessel was sold for $44.4m translating to a loss of $23.04m based on book value.

Mercator Lines also blamed compensation and provisions relating to negotiations and settlement agreements with the owners of long term chartered in vessels and lower revenue due to adverse market conditions.

TAGS: Dry Cargo
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