Mercator's Singapore arm profits up 30%

Singapore: Mercator Lines (Singapore) reported a 30% jump in net profits to $13.1m for the first quarter of they year. The Singapore-listed arm of Indian shipowner Mercator also reported a 10% increase in revenues to $39m for the first quarter ended 30 June. "Our strategy of having a large portion of our capacity on long term business has shielded the group from a volatile business environment and has helped us achieve consistent growth," said Shalabh Mittal, managing director and ceo of Mercator Lines. "While the dry bulk market has been weak in the last two months, the long term fundamentals of the dry bulk shipping industry are intact," he added. [26/07/10]