Indian owner Mercator has confirmed it is selling its last VLCC to pay down debt.
The company said it expects to repay INR 2.42bn ($34.16m) after disposing of the 299,000-dwt Nerissa (built 2006).
It has already cut borrowings by INR 1.26bn in its third quarter to 31 December.
It said the sale of the "high-value" tanker is expected this quarter, with all proceeds to be used for deleveraging.
