Mercator's Singapore subsidiary concluded sale of its very large ore carrier

Mercator Ltd has informed BSE that the Company's Singapore based step-down subsidiary, Mercator Lines (Singapore) Ltd. (MLS), has concluded the sale of its Very Large Ore Carrier (VLOC), Sri Prem Putli.The proceeds from the sale will be used by MLS partly for prepayment of its debt and partly for payment of compensation & expenses relating to early termination and change of terms of long term chartered-in vessels.This would assist MLS to reduce the leverage and improve cash flows.Source : BSE

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