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NEWS RELEASE
MERCATOR SINGAPORE REPORTS A 54% INCREASE IN Q2 FY 2014 REVENUE AT USD 21.4 MILLION AGAINST Q1 FY 2014
Singapore, October 25, 2013 ? Mercator Lines (Singapore) Limited (?Company?), a leading Indian-owned international dry bulk shipping company focused on high growth markets such as India, Indonesia and China, today announced revenue of USD 21.4 million for Second Quarter of Financial Year 2013-2014 ending 31st March 2014 (FY 2014), as compared to USD 13.9 million for the previous quarter.
Highlights:
? 54% increase in quarter revenue at USD 21.4 million as compared to previous quarter
? 44% increase in quarter EBITDA at USD 4.8 million as compared to previous quarter
? Time Charter Equivalent (TCE) rate achieved at around USD 10,500 vs. Average Market Rate (Average rate of Panamax 4 TC Routes) of around USD 8364 for H1 FY 2014
? Debt equity ratio at 0.61 times The revenue for half year ended FY 2014 (H1 FY 2014) was at USD 35.3 million as against USD 66.2 million in H1 FY 2013. The Company reported a net loss of USD 12.1 million for H1 FY 2014 as against a profit of USD 0.1 million for H1 FY 2013. The reduction in profit is mainly due to lower freight rates and sale of a vessel in the previous year.
EBITDA for H1 FY 2014 stood at USD 8.2 million with healthy EBIDTA margins of around 23%. Cost rationalisation measures including reduction in vessel hire cost as a result of termination of contracts of long term chartered in vessels and reduction in other voyage expenses led to a significant reduction in vessel related costs of the Company as compared to previous year.
Vessel related costs for H1 FY 2014 decreased by 39% to USD 25.0 million from USD 41.3 million for H1 FY 2013. The dry bulk shipping market has shown some healthy signs of recovery. The Baltic Dry Index (BDI) more than doubled from 910 at the inception of Q1 FY 2014 to high of 2003 on September 30, 2013. Asset prices have also been reported to increase by more than 10% over the last 6 months. Said Mr. Shalabh Mittal, Managing Director and Chief Executive Officer of Mercator, ?We are happy to achieve a significant increase in our Revenue and EBITDA as compared to previous quarter. Measures taken in the previous year for reduction in vessel related costs have proved to be beneficial. The Company?s Balance Sheet remains healthy with a low debt equity ratio of 0.61 times. The Company is cautiously optimistic on the prospects of the industry. It would continue to leverage on its strong customer base and performance track-record for exploring growth opportunities?, concluded Mr. Mittal.
This one will be a double bagger, not for contra.
Amplefield ...got a good story coming after it EGM, get ready
rowsley, sinarmas, albedo, and a few other i have take partial profit.
good luck.
kelvinLim123 ( Date: 19-Sep-2013 16:45) Posted:
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Buy now before BB come for it.
This is the most effective dry bulk shipping coy.
kelvinLim123 ( Date: 19-Sep-2013 16:42) Posted:
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BDI have been going up more than 100 % since June, this is going to benefit Mercator
http://www.mllsg.com/
http://www.bloomberg.com/quote/BDIY:IND/chart
disclaimer...
Why the cheong today?
This counter is looking good to go long. Since hitting the low of 11.5 cents, it is slowly rising up to 13.3 cents.. Going up to test 14 cents ... NAV 38 cents.. I think worth considering..
Look like a long wait to so call 25 cents
With the strong 9 mths growth with profit for the last three quarter, the result announcement this friday should be positive. Had vest 100 lot.
Do vest also and good luck.
Announcing result this friday. Should be positive and TP is $0.35.
Do vest and good luck.
Will be announcing result next friday 31/7/11. Should have better profit. My broker recommand buy with TP of $0.35
Do vest and good luck
FY 11 profit of US$31 million was below expectations. Local rivals like Courage Marine and STX PO reported losses for the previous quarter. My expectations of a BDI recovery by 2012 looks unlikely to occur and the rapid recovery of the BDI in middle of 2009 to 1H 2010 has long faded away. While the demand is growing, the huge over-supply of capesize vessels continues to pressure rates and it will take some time before the supply meets the demands. I have sold my shares months ago at a loss. It is only fitting since my expectations of a recovery didn't materialize. Mercator's b/s is in a decent shape and profits should likely be able to bounce back when the BDI recovers - the key question therefore is when ? I will wait and see.
Is this the bottom price.
Mercator Lines ( Singapore ) Limited – Results (Alfred Low)
Recommendation: Hold
Previous close: S$0.26
Fair value: S$0.28
· 3Q11 revenue of US$40.5m, net profit of US$5.1m
· Decline in Baltic Dry Index
· Maintain Hold recommendation and reduce fair value from S$0.32 to S$0.28
/PS////
Mercator Lines (Singapore) Limited (“the Company”) announced that the Company has subscribed to the shares of Target Ship Management Pte Limited (“TSM”) representing 81% of its share capital through application to the issue of new shares by TSM, thereby the Company has become Holding Company and TSM a Subsidiary.
/sgx masnet/
Yes, why not!
mazimaz10 ( Date: 21-Dec-2010 18:16) Posted:
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Still can go down somemore??
Let it be correction till bottom price!
mazimaz10 ( Date: 21-Dec-2010 17:57) Posted:
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This counter have been very quiet for very long long time................... Any news when will wake up?
Mercator Lines Limited announced that it has taken delivery of a gearless panamax bulk carrier. The vessel has a capacity of about 69,087 DWT and was acquired at a total consideration price of approximately US$ 22 million, funded entirely through internal accruals. The acquisition of this vessel brings in diversity to the revenue stream and de-risks the operating risk associated with operation of vessels. The vessel is expected to join the fleet in January 2011.
Source: SGX Masnet
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Mercator Lines (Singapore) Limited
announced that it has entered into a Memorandum of Agreement for the purchase of a young and modern gearless Post Panamax dry bulk carrier for approximately US$ 45.5 million. The vessel, built in 2010 has a capacity of about 92,500 DWT. The vessel is due to be delivered in December 2010 / January 2011 which will expand the Company`s owned fleet to 14 vessels with an aggregate capacity of 1.3 million dwt. This acquisition is proposed to be financed through a mix of internal accruals and debt. The vessel comes with an attached charter with a reputed company for a period of around 6 years, which would bring in revenues of about USD 47 million.
/ps
/i came i read i posted fyi.