Mercator Lines (Singapore), the international dry bulk shipping company focused on high growth markets such as India and China, says it achieved revenue of US$36.1 million ($45.4 million) and profit of US$1.2 million for the third quarter of FY 2012.
The total number of vessel operating days was at 1,582 days in the third quarter compared to 1,521 days a year ago.
For the first nine months of ending March 31, 2012, Mercator saw a decrease of 10% in revenue to US$109.3 million compared to US$121.7 million for the corresponding period previous year.
Mercator says the total number of vessel operating days grew by about 13% during the period from 4,153 days 2011 to 4,702 days during the period due to capacity expansion. The Time Charter Equivalent (TCE) rate per vessel per day was US$20,585 for the period.
But profits for the nine month decreased by 76% to US$6.8 million due to lower spot rates, renewal of contracts at lower rates and an increase in operating expenses.
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