Mercator Announces H1 Results

(Press Release)
Thursday, November 17, 2011

 

For the half year period ended 30th September, 2011, Mercator Lines Ltd. registered 25% growth in Total Income which stood at Rs.1584 crores (Rs.1268 crores).  The Consolidated Net Profit for the period stood at Rs.21.41 crores (Rs.113.22 crores).
During the period, the Coal Division contributed 58% revenue while Dry Bulk contributed 22%; Tanker 10%; Dredging 5% and Offshore Division 5%.
The coal volumes are expected to further improve in the coming quarters.  The recent coal mine acquired in Indonesia would commence commercial operations in the last quarter of FY12.
The Oil and Gas Division has successfully commissioned FPU unit in Nigeria and the operations are doing well as per schedule.  Exploration activities of two onshore oil blocks in Gujarat are on schedule.
Backed by a good order book, the Dredging Division is doing well and to meet the increased capacity requirement, Mercator has recently added a Cutter Suction Dredger and a TSH Dredger.
The oversupply in tonnage in all the segments continued to affect the operations of the Shipping Division and the earnings were further impacted as the bunker rate of heavy fuel oil increased.
Mercator Lines Limited, has a diversified interests in Shipping (Tankers & Bulk Carriers), Dredgers, Offshore (Oil& Gas and E&P), Coal Mining & Procurement and Logistics. Mercator Group owns or operates a fleet of 18 dry carriers; 8 tankers and 6 dredgers  in addition to 1 MOPU and 1 FSO.  The Group also owns Coal mining concessions in Indonesia & Mozambique and has right to explore, develop and produce Oil and Gas from two onshore oil blocks in the Cambay basin in Gujarat under NELP VII.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0763 sec (13 req/sec)