The vessel is expected to join the company's fleet in June 2008. This will increase the number of VLCCs controlled by the company to three. The company currently controls and operates a fleet of 29 vessels, Mercator Lines said in a release today.
In addition, during 2008-09, Mercator has signed an agreement to acquire 2 Panamax-sized dry cargo Vessels. The company had made a total commitment of investing around Rs 1,300 crore from April till date.
The group has also acquired economic interest in a coal mine in Mozambique with coal resources of about 3 billion tonne and coal resources of about 15 million tonne in Indonesia. This is under its backward integration plans and to strengthen its shipping activities.