Mercator, once India’s third largest shipping line, has not paid its 350 crew for the past two months, according to Indian newspaper Hindu Business Line.
Mercator is currently involved in tankers and dredging. It liquidated its Singapore dry bulk operations a few years ago.
A spokesperson for the company told the Hindu Business Line that Mercator would sell some of its fleet. “We will only keep ships which are cash-positive,” the spokesperson said.
A much scaled-down Mercator today has just three tankers – an aframax and two handysizes – and five dredgers. It sold one tanker to Greek interests at the end of last month for a reported $27.5m.