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Mercator Lines (Singapore) appoints financial advisor as dry bulk market takes its toll

Mercator Lines (Singapore) Ltd has appointed an independent financial advisor as seeks to assess options for its financial affairs as the record low dry bulk freight market takes its toll.

Marcus Hand, Editor

April 13, 2015

1 Min Read
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In a statement to the Singapore Exchange late evening on 10 April the company said it “assessing the impact of the recent sharp deterioration of the dry bulk shipping market which has led to a reduction in freight rates and further declines in dry bulk asset values”.

It warned as a result these could, “impact company’s cash flows, financial position and certain covenants under loan facilities”.

Mercator said it had appointed an independent financial advisor “to assist with an assessment

of its financial position and to advise and assist, as appropriate, with the options available to the company with respect to its financial affairs”.

The Baltic Dry Index dropped to an all time low of 509 points in February and remains depressed closing at 580 points on 10 April.

Mercator reported a nine-month loss of $20.9m for the nine month period ended 31 December 2014.

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About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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