Mercator confirmed that it has delayed salaries due to a downturn in the global shipping and dredging industries, especially in India.

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In order to address these problems, a Mercator executive said that the company is considering selling vessels in order to re-focus on cash flows, cut debt and limit operating losses. For this reason, it will only keep ships that are cash-positive.

In fact, last month, on April 30, Mercator sold an oil super-tanker for $27.5 million to Greek interests.

In addition, the company is negotiating with lenders to restructure its long-term debt.

Currently, Mercator owns three cargo ships and five dredgers. Of the latter, two are operating, while the other three are anchored or laid-up.