Singapore: Mercator Lines (Singapore) nine months profits fell 55% to $27.8m hit by the decline in dry bulk markets.
The Singapore-listed arm of the Indian shipowner reported revenues of $105m for the nine month period ending 31 December 2009, down by 30% last year.
Mercator said the drop in revenues and profits was largely due to the decline in average daily dry bulk spot freight rates.
Despite the fall in profits Shalabh Mittal, managing director and CEO of Mercator said the company was pleased with its performance in challenging and volatile market conditions.
The company has more than 50% of its capacity covered for the next 12 months. [22/01/10]
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