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Indiaexportnews.com

Mercator Lines announced its consolidated results for the nine months

  01.02.2010    

Mercator Lines Limited, India’s 2nd largest private sector shipping company (in terms of tonnage), has announced its consolidated results for the nine months ended December 2009.
The revenues dropped by 20% to Rs. 1332 Cr. from Rs. 1673 Cr. in nine months ended 31st December 2008.  This drop in revenues and net profit was due to the prevailing market conditions. In Dry-bulk; though number of vessel operating days increased from 3385 days during nine months ended 31st December 2008 to 3694 days in December 2009; the  TCE (Time Charter Equivalent) rate per vessel per day decreased by about 44%  to US$ 24,766/- In Tankers; TCE rate per vessel per day decreased by about 52% to US$ 14,833/-  Total no. of vessel operating days have decreased from 3165 in nine months December 2008 to 2,740 days in nine months ended December 2009. TCE rate per Dredger per day decreased by about 29% to US$ 15,342/- and the total no. of operating days have reduced from 979 in nine months ended December 2008 to 769 in nine months ended December 2009. 
While the Offshore division contributed with TCE of USD 92700/- per day for 275 days, the coal operations have stabilized and generated revenue of about Rs. 254 cr. against Rs. 51 cr in the corresponding period of previous year. 
The company believes that present market conditions would prevail for some time and its profits would be under pressure.  However, with consolidated cash profit of about Rs. 309 Cr. during period ended December 2009; and cash balance of Rs. 628 Cr. as at 31st December 2009; the Company believes that it is well positioned to honour its commitments and explore growth opportunities that are likely to come up in the medium to long term. 
Recently the company signed a long-term USD 225 mn value contract to Charter out a ‘Mobile Offshore Production Unit’ and a ‘Floating Storage and offloading Unit’ through its wholly owned subsidiary in Singapore.


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