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Corporate Structure

(1) As at 30th September, 2011.
(2) Varsha Marine Pte. Ltd. owns the vessel Prem Varsha and Vidya Marine Pte. Ltd. owns the vessel Prem Vidya.
(3) Chitra Prem Pte. Ltd. owns the vessel Chitra Prem.
(4) Target Ship Management Pte. Ltd. oversees technical management of vessels.

Incorporated in Singapore in 2005, Mercator Lines (Singapore) Limited is a leading Indian-owned international dry bulk shipping Company focusing on high growth markets such as India and China. The company's positioning in the Indian markets helps maximise the capacity usage effi ciencies by using its ships on the triangular route of Indonesia - India - China - Indonesia. With exposure to the infrastructure sectors like Steel and Power of India and China, Mercator is well positioned to benefi t from the strong growth of these countries.

With the unstinted support of its ultimate parent Company, Mercator Lines Limited ("MLL India"), the second largest private sector shipping Company in India (by aggregate fleet tonnage capacity), Mercator also provides its customers with complete and customised logistics solutions from the load port to the point of usage. Some of its reputed customers include Tata Power, Arcelor Mittal Group, Vale, COSCO, a state owned Company in Sri Lanka and Cargill.

Mercator operates a fleet of fourteen owned and three chartered-in vessels, with an aggregate capacity of approximately 1.5 million dwt. Its fleet of Panamaxes, Post Panamaxes, Kamsarmaxes and a VLOC is young and versatile with a mix of geared and gearless vessels averaging about seven years of age. It continues to strengthen its position as the largest fleet owner of Geared Panamaxes amongst the Indian-owned shipping companies through prudent fleet expansion plans. With its strategy to deploy a large part of its fleet on long-term contracts, specifi cally time charters and contracts of affreightment ("COAs")/consecutive voyage ("CV") contracts, the Company aspires to capitalise on this strength in order to build relationships and benefi t from repeat businesses with reputed customers.

Lead by an experienced management team with in-depth understanding of the shipping industry and a wide network of reputable customers and diligent risk management practices, Mercator has been able to make proactive business decisions and well-timed fleet expansion to achieve continuous growth since inception.