Mercator sinks into the red with Q1 loss of US$6.71 mil

Mercator Lines (Singapore) has sunk to a net loss of US$6.71 million ($8.5 million) for the first quarter ended June 30 compared to a net profit of US$401,000 a year ago.

The loss was due to a 55% fall in revenue to US$13.90 million from US$30.73 million previously, due to a fall in spot rates, termination of charter in vessels, disposal of vessel and new contracts at lower rates.