SitemapHome About Us  Fleet Investor Relations Corporate Governance Recruitment Contact Us 
Business Vision and Mission Corporate Structure Parent Company Company Milestones Board of Directors 
Risk Management Safety & Quality Newsletters Awards & Recognitions 

Company Milestones

Our History

We set out below the main milestones in our history:

May 2005 Incorporation of our Company.
August 2005 We commenced operations in the dry bulk market with nine chartered-in Panamax vessels (with options to purchase three of the vessels).
October 2005 We were awarded a one-year COA with Tata Power (US$28 million) under which we provided an “end to end solution," as well as contracts with SAIL, servicing its COA with MLL India (US$11 million), East International Pte. Ltd.(US$16.5 million), West Asia Maritime (US$12 million) and Agarwal Coal (US$5.5 million). 
November 2005 We obtained AIS approval from the Maritime and Port Authority of Singapore, granting us tax free status for 10 years, extendable further upon governmental approval. 
September 2006 Tata Power renewed its COA for four years, extendable at its option for a further two years (US$131 million). 
October 2006 We exercised the option to purchase one of our chartered-in vessels, renaming it Prem Aparna. The Prem Aparna was our first owned vessel and the first vessel in our fleet to operate under the Singapore flag. 
October 2006 We were awarded a 10-month COA with Reliance Natural Resources Ltd. (US$8.4 million). 
November 2006 We entered into a Memorandum of Agreement to buy two new geared Kamsarmax vessels, which were delivered in January and July 2007, respectively. 
December 2006 We were awarded a 12-month COA with Knowledge (US$27 million). 
March 2007  We issued convertible bonds in the amount of US$51.0 million, which are listed on the SGX-ST. 
May 2007 We entered into a Memorandum of Agreement to acquire four gearless vessels, which were delivered in June and July, 2007. 
June 2007 We entered into a two year time charter and a one year time charter with Global, a wholly-owned subsidiary of Arcelor Mittal Group (US$25 million). 
August 2007 We entered into time charter agreements to charter-in for a period of five years from the date of delivery two post-Panamax newbuildings. These vessels are scheduled to be delivered by the shipyard in 2009. We have agreed to enter into an extension of our time charter with North China Shipping from January 2008 for a period of 23 to 25 months. 
September 2007 We entered into a binding memorandum of understanding with MLL India in September 2007 to acquire a VLOC to be delivered between September and December 2008. We have agreed to enter into a COA with Zhuhai Yueyufeng Iron and Steel Co., Ltd for the transportation of iron ore from Brazil to China on a continuous voyage basis for a period of five years beginning between November 1, 2008 and January 31, 2009, with an option exercisable by the charterer to extend for a further period of 2.5 years thereafter. 
December 2007 We listed on the main board of SGX-ST raising USD 150 million in our IPO. Deutsche Bank AG, Singapore branch and Merrill Lynch (Singapore) Pte Ltd were the Joint Bookrunners, Joint Lead Managers, Issue Managers and Underwriters and DBS Bank Ltd was the Joint Lead Manager, Coordinator of the Public Offer and Underwriter.  
April 2008 We entered into a Memoradum of Agreement ("MOA") for the purchase of a 69,221 dwt Geared Panamax dry bulk carrier, "Y.K Titan", with Tanagra Shipping, S.A from the Republic of Panama. The vessel was delivered in July 2008.
April 2008 We entered into a charter party agreement for a 10 year time charter-in of a 91,800 dwt gearless Post Panamax Vessel, making it the third Post Panamax in our fleet.
April 2008 We entered into a Memorandum of Agreement ("MOA") for the purchase of a 69,186 dwt Geared Panamax dry bulk carrier "Y.K Taurus", with Ken Line, S.A from the Republic of Panama. This acquisition increases our owned geared Panamax vessels to five and owned dry bulk vessels to a total of nine vessels. The vessel was delivered in June 2008.
June 2008 We re-negotiated the existing COA (Contract of Affreightment) with Tata Power to increase quantity to 3.2 million tons over a period of 4 years starting June 2008 at a total contract value of US$320 million.
April 2009 We entered into a Memorandum of Agreement ("MOA") for the purchase (through exercise of purchase option) of a 73,652 dwt Geared Panamax dry bulk carrier "Ocean Senang", a 2000 year built vessel, built by Imabari shipbuilding Co. This acquisition increases our owned geared Panamax vessels to six. The vessel was delivered in June 2009.
April 2009 We were awarded a 14 year long term Consecutive Voyage contract with Iron ore major, Vale (US$209 million approximately).
May 2009 We took delivery of our Very Large Ore carrier ("VLOC") of about 2,77,443 dwt capacity. The 1993 built vessel, on completion of its conversion in Yiulian dock yard of China, was delivered to the Company.
June 2009 The Company took delivery of a geared Panamax dry bulk carrier on 3 June 2009. The vessel named "Kalpana Prem" is 2000 built by Imabari Shipbuilding Co. Ltd, Japan, and has an aggregate capacity of 73,652 dwt.
May 2010 The Company took delivery of a young and modern gearless Panamax dry bulk vessel named "Gauri Prem" on 5th May 2010. The vessel is less than 3 years old, built in 2007 by Hudong Zhonghua Ship Building Group, Shanghai, China, and has a capacity of about 74,483 dwt.
The Company won the SCA Best Annual Report Award (Bronze) for 2009 in the "$300 million to less than $1 billion market capitalization" category. This is one of the five awards which make up the Singapore Corporate Awards (SCA), the others being the Best Managed Board, Best Chief Executive Officer, Best Chief Financial Officer and Best Investor Relations.
June 2010 The Company entered into a four year Contract of Affreightment (COA) with a state owned Sri Lankan company. Under the contract, Mercator will transport about 650,000 mt of coal annually from Indonesia to Sri Lanka for a period of 4 years, beginning from last quarter 2010. This contract is expected to generate USD 31 million revenue on Time Charter Equivalent basis from its shipping revenues over the next 4 years beginning last quarter 2010.
Nov 2010 The Company was presented the prestigious “Emerging India Awards” under the category of “Global Entrepreneur of the Year” award organized by CNBC-TV18 and ICICI Bank, India in Nov 2010. This award seeks to to identify and honor emerging companies who are competing and winning in the global marketplace.
The Company took delivery of a young and modern gearless Panamax dry bulk vessel named "Aarti Prem" on 28th Nov 2010. The vessel was built in 1994 by Imabari Shipbuilding Co. Ltd., Japan and has a capacity of about 69,087 dwt.
December 2010 The Company has subscribed to the shares of Target Ship Management Pte. Limited (“TSM”) representing 81% of its Share Capital through application to the issue of new shares by TSM, thereby the Company has become Holding Company and TSM a Subsidiary. TSM was incorporated on 25th November, 2011 with the principal activity of Technical Management of the Company’s Vessels.
January 2011 The Company took delivery of a young and modern gearless Post Panamax dry bulk vessel named "Chitra Prem" on 24th Jan 2011. The vessel built in 2010 by New Yangzi Shipbuilding Co. Ltd., China has a capacity of about 93,200 dwt.
July 2011 The Company bagged the Singapore Corporate Awards’ Best Investor Relations Award (Silver) for 2010 in the $300 million to less than $1 billion market capitalisation category. This is one of the five awards which make up the Singapore Corporate Awards (SCA), the others being the Best Managed Board, Best Chief Executive Officer, Best Chief Financial Officer and Best Investor Relations.