SINGAPORE (Yosefardi) – Mercator Lines (Singapore) Limited, a leading Indian-owned international dry bulk shipping company focused on high growth markets such as India, Indonesia and China, booked revenue of USD 23.2 million, an increase of 8% as compared to Q2 FY 2014 and 67% as compared to Q1 FY 2014.
The company booked EBITDA of USD 7.4 million, an increase of 52% as compared to Q2 FY 2014 and 119% as compared to Q1 FY 2014. EBITDA margin has increased to 32% in Q3 FY 2014 from 23% in the previous quarter.
The revenue for nine months ending 31 December 2013 was at USD 58.5 million as against USD 84.2 million in the corresponding period previous year.
The Company reported a net loss of USD 15.4 million for the nine month period as against a loss of USD 72.7 million in the corresponding period previous year.
The dry bulk shipping industry is continuing on its path to recovery. By the end of 31 December 2013, the Baltic Dry Index (BDI) had reached 2277 points from 896 points at the start of the financial year.
The market rate of Panamax vessels stood at US$ 14,556 per day on 31 December 2013 as against USD 9238 per day at the start of the financial year.
The vessel values have also strengthened significantly since the start of the financial year.
The value of a 5 year old 76000 DWT dry bulk Panamax vessel was approximately USD 26.0 million by end of Q3 FY 2014 as against approximately USD 19.0 million at the start of the financial year. All these factors indicate signs of long impending recovery in the dry bulk shipping industry.