Mercator Lines (Singapore), the Indian-owned international dry bulk shipping company focused on markets such as India and China, has taken delivery of a newly-acquired vessel and renamed it Gauri Prem.

Gauri Prem, built in 2007 by Hudong Zhonghua Ship building group, Shanghai, China, has a capacity of about 74,483 dwt. The vessel was acquired for US$38 million ($52.9 million). The vessel has been fixed on a long term charter contract for three years with a reputed customer at a daily hire of US$22,250 per day for 35-37 months. This contract would bring in revenues of about $24 million over the next three years.

With this acquisition, Mercator would operate a fleet of 15 dry bulk vessels, twelve owned and three chartered in, comprising geared and gearless Panamaxes, Post Panamaxes and Kamsarmaxes with an aggregate capacity of 1.4 million dwt.