India’s Mercator Lines has filed a preliminary prospectus for the initial public offering (IPO) of its Singapore subsidiary.

Mercator is set to become the latest shipping company to list in Singapore Photo: -
The prospectus reveals that Mercator (Singapore) has agreed to buy a converted VLOC from its parent company for $85m.

Mercator Lines will convert its 287,875-dwt VLCC Premputli (built 1993) into a 270,000-dwt VLOC with a residual life of about 10 years.

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