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According to media reports, private sector shipping major Mercator Lines reorganised itself by reducing its dry bulk fleet to 14 vessels. The company reorganised its assets in order to adapt to the low freight rate scenario in the industry.
The company sold a vessel and concluded termination of contracts on three in chartered vessels in the last quarter of 2012-13, reports indicate.
The company also sold one crude tanker and transferred another very large crude carrier to its Singapore subsidiary to reduce finance cost.
This leads to a total tanker fleet of five vessels and it is looking to add one product tanker to this fleet soon.
The company plans to add a medium-range tanker anticipating record improvement in rates in the segment over the next one year.