Indian owner Mercator could sell loss-making ships as it begins refinancing talks with banks.
The company owes INR 12.88bn ($185m) to lenders, according to its website.
It has also failed to pay wages to about 350 seafarers for March and April, according to the Business Line daily.
Mercator has said it will not shy away from selling ships to improve cash flow, cut debt and reduce operating losses.
