The judicial manager for bankrupt Singapore-listed shipowner Mercator Lines (Singapore) (MLS) has sold off another vessel from its fleet.

The 2000-built, 73,625 dwt bulker carrier Kalpana Prem has been sold to a third party for $2.93m reducing debt owed to main shareholder Mercator International Pte Ltd The vessel is expected to be delivered to the buyer in April this year.

Meanwhile creditor HSH Nordbank has launched a winding up petition against MLS subsidiary Varsha Vidya. The application will be heard by the Singapore High Court on 15 April.