Singapore-listed Mercator Lines has announced that its judicial manager has entered into a memorandum of agreement for the sale of 2000-built 38,906dwt bulk carrier Kalpana Prem.

The vessel was sold on an arms-length basis to a third party for approximately US$2.93m, reducing the debt owing to major shareholder Mercator International.

The vessel will be delivered during April 2016.

Mercator Lines filled for bankruptcy in January after announcing it was exiting the dry bulk market.