The Singapore unit of Indian bulker owner Mercator Lines said on 15 June that it has fixed one of its Kamsarmax bulkers to Gunvor subsidiary Clearlake Shipping.
The 82,459 dwt 2007-built Sri Prem Veena has been fixed to Clearlake for 16 months at USD7,050 a day, representing a 23% premium over the current average time-charter rate.
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Mercator Lines said the contract will generate a revenue of USD3.4 million over the length of the contract.
The company has been restructuring itself and is in talks with creditors, including Cargill, after suffering three consecutive annual losses as the freight market goes south.