Mercator Lines (Singapore), the international dry bulk shipping company focused on markets such as India, Indonesia and China, has taken delivery of a gearless panamax bulk carrier.

The vessel built in 1994 by Imabari Shipbuilding, Japan, has a capacity of about 69,087 dwt and was acquired at a total consideration price of US$22 million, funded entirely through internal accruals. The vessel has been fixed on a long term bareboat charter contract for three years with a reputed customer at a daily hire of US$12,500 per day for 36-41 months with the charterer having the option of a further extension for 11-13 months period. This contract would bring in revenues of about 14 million over the next three years and about US$18 million if the option is exercised.