In its second acquisition within a month, shipping major Mercator Lines has acquired a Panamax dry bulk carrier from a Japanese company for $65 million (Rs 260 crore). The acquisition of the vessel - `Taurus' – has been made through its Singapore-based subsidiary Mercator Lines (Singapore).
According to sources, Taurus is a Panamax dry bulk carrier and the vessel has been acquired from a Japanese firm. The deal was signed on April 10, while it would another two months before the ship is delivered.
Earlier in March, MLS another Panamax carrier 'YK Titan' from Tanagra Shipping, financed from its Initial Public Offering (IPO) proceeds, for around $65.5 million. The vessel of 69,221 DWT capacity is scheduled for delivery around July-August 2008.
The acquisitions - `YK Titan' and `Taurus' – will expand MLS' owned fleet to eight ships. At present, MLS operates a fleet of 11 dry bulk vessels (7 owned and 4 chartered), with an average capacity of 829,057 DWT.
Mercator Lines is looking at acquiring 4 more dredgers that would be added to its fleet by the end of the financial year. The company intends to acquire new dredgers from Europe and will place orders to buy more dry cargo vessels to add to its existing fleet of bulk carriers.
Mercator had earlier earmarked an investment of Rs 4,000 crore, which will be utilised for acquiring dredgers and tankers. Mercator will raise 75 per cent of the fund through loans from banks and financial institutions. |
