The
company has offloaded the 279,022-dwt Sri Prem Putli (built 1993) to unnamed
buyers for $44.4m, it confirmed Thursday.
The
sale includes the remainder of a 14-year consecutive-voyage contract with Vale that
started in May 2009 and originally worth $175m.
The ship, the former
Musashi Spirit, was converted from a VLCC to a VLOC in 2009 at China’s Yuilian Shipyard.
Singapore-listed Mercator says it will make a book
loss on the disposal of just over $23m based on its current book value of
$67.4m.
As a result of the
disposal Mercator said it expects to record a net loss for the third quarter and
nine month period ending 31 December 2012.
Funds
from the sale will go towards payment for the early termination of two
chartered in post-panamax bulkers.
On
New Year’s Ever Mercator said it was returning the 93,000-dwt Chaitali Prem (built 2009) to Gestioni Armatoriali and the 93,000-dwt Chanchal Prem (built 2009) to Liberty Di
Navigazione.
Both charters were terminated 18 months early and
has forced Mercator to pay over $9m in cash and also offer up shares worth $7m to both shipowners.
