Vessel acquisition buoys Mercator Lines

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Updated: 23/05/2008 | 12:00 AM IST

Shipping

Capital Market

Friday, May 23, 2008 (New Delhi)

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Meanwhile, the BSE Sensex was up 52.68 points, or 0.32%, to 16,961.93

On BSE, 24.24 lakh shares were traded in the counter. The scrip had an average daily volume of 12.07 lakh shares in the past one quarter.

The stock hit a high of Rs 129.30 and a low of Rs 121.90 so far during the day. The stock had a 52-week high of Rs 184.95 on 3 January 2008 and the stock hit a 52-week low of Rs 40.80 on 13 June 2007.

The mid-cap scrip had outperformed the market over the past one month till 21 May 2008, advancing 32.57% compared to the Sensex’s 2.74% gain. It had also outperformed the market in the past one quarter, surging 33.37% compared to Sensex’s 2.77% fall.

The company’s current equity is Rs 23.53 crore. Face value per share is Re 1.

The current price of Rs 124.70 discounts its Q4 March 2008 annualised EPS of Rs 12.61, by a PE multiple of 9.89.

Mercator Lines said during market hours today, 23 May 2008, that the vessel about to be acquired is expected to join its fleet in June 2008, bringing its fleet of very large crude carrier (VLCCs) to three. Mercator Lines currently operates a fleet of 29 vessels

On 7 May 2008, Mercator Lines’ wholly owned subsidiary Mercator Lines (Singapore) reported three-fold jump in net profit to $52.2 million in the year ended March 2008 over the year ended March 2007.

In April 2008, Mercator Lines, Singapore acquired a geared Panama dry bulk carrier from Ken Line, Republic of Panama for a total consideration of $65.5 million.

In March 2008, Mercator Lines, Singapore entered into negotiation with Refined Success for the time charter-out of Geastiniono TBN, a gearless panamax vessel.

Mercator Lines reported 351.7% surge in net profit to Rs 74.04 crore on 31% growth in net sales to Rs 265.67 in Q4 March 2008 over Q4 March 2007. The company’s net profit jumped 130.88% to Rs 166.35 crore on 0.27% decline in sales to Rs 781.14 crore in the year ended March 2008 (FY 2008) over the year ended March 2007 (FY 2007).

Mercator Lines, the country’s second largest private sector shipping company provides marine transportation services. The group's areas of operations are tankers and lighterage. The company is a provider of sea borne transportation services, primarily involved in the transportation of crude oil in India and overseas.