SINGAPORE: Mercator Lines (Singapore), an Indian-owned dry bulk shipping firm, posted a net loss of US$125.4 million (S$166.8 million), widening from a loss of US$23 million a year ago.
Revenue for the year ended March 31 fell 25 per cent to US$56.3 million, owing to a fall in spot and contract rates, as well as unscheduled repairs.
The firm said in a statement: “Falling commodity prices, an oversupply of new bulk carriers and weakening international demand have resulted in a considerable slowdown in global trade and downward pressure on freight rates.”
Loss per share for the year was 9.2 US cents, down from a loss per share of 1.7 US cents a year ago.
