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Mercator posts bigger loss for FY ended March 31, 2015

MERCATOR'S loss for the full year ended March 31, 2015 widened to US$125.36 million, versus US$22.75 million a year prior.

Exceptional items over the financial year were taken into account, including US$63.5 million for allowance of impairment of vessels and US$18.9 million for provision for an onerous contract.

Revenue for the quarter fell 25 per cent year on year to US$56.35 million while loss per share came to US$0.092, widening from a loss per share of US$0.017 a year ago.

"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," the firm said.