Mercator Lines (Singapore) posted a 30% rise in net earnings to US$13.07 million ($17.9 million) for the first quarter ending June 30 2010 (1QFY2010) versus US$10.02 million for 1QFY2009. Revenue rose 10% to US$38.96 million compared to US$35.47 million.
The increase in revenue is due to 14% increase in capacity and an increase in spot market rates. Time Charter Equivalent (TCE) rate per vessel per day for the quarter ended June 30, 2010 increased to US$30,001 as compared to a TCE rate per day per vessel of US$29,258 for the previous year representing an increase of 3%.
The total number of vessel operating days for the quarter ended June 30, 2010 was 1,251 days compared with 1,097 days for the quarter ended June 30, 2009.
Mercator says with about 75% capacity coverage for FY 2011 through long term contracts, it should be able to achieve relatively stable revenues going forward.
