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Mercator Lines profit decreases

Mercator Lines profit decreases
Lower dry bulk freight rates have dragged down half-year profits for Mercator Lines.

Lower dry bulk freight rates have dragged down half-year profits for Mercator Lines.

Lower dry bulk freight rates have dragged down half-year profits for Mercator Lines.

The Singapore-listed arm of Indian shipowner Mercator reported a net profit of $20.2m for the six months ended September, down 58% on the same period a year earlier.

Revenues for the first half of the year fell 34% to $70.5m.

Mercator Lines blamed the drop in profits and revenues primarily on the fall in dry bulk spot rates and renewals of long-term contracts at lower levels than previously.

The time charter equivalent rate for the first half of the year was $28,187 per vessel per day, down 42% from $48,327 in the first half of the previous year.

Mercator Lines has added two vessels to its fleet in the first half of the year, both of which have been chartered out. The company has fleet of 14 dry vessels, 11 owned and three chartered in.

Despite the fall in profits, the company is eyeing expansion opportunities in the future. ?Having met all our capital commitments and armed with a healthy balance sheet, we believe we are well positioned to exploit growth opportunities that are likely to come up in the medium to long term,? said Mercator Lines chief executive Shalabh Mittal.

The company has cash and bank balances of $14.4m and a debt equity ratio of 0.73.

www.TurkishMaritime.com.tr

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