Directorate General of Hydrocarbons (DGH) has approved field development plan for what could be 23 million barrels of recoverable oil in a field. In an interview to CNBC-TV18, Shalabh Mittal, MD & CEO of Mercator spoke at length about the same.
Mercator Lines’ subsidiary has discovered oil from its first two wells. In an interview to CNBC-TV18, Shalabh Mittal, MD & CEO of Mercator Lines spoke about the latest happenings in his company and sector.
Speaking to CNBC-TV18, Shalabh Mittal, MD and CEO of Mercator said that the company is focused on deleveraging its balancesheet and has brought down debt to Rs 2,000 crore against Rs 3,000 crore in the first 9 months of FY17.
In an interview with CNBC-TV18, MD & CEO Shalabh Mittal said Mercator will sustain its Q1 performance going forward with the rise in coal price boosting margins.
Shalabh Mittal, MD & CEO, Mercator an interview to CNBC-TV18 while sharing his views on first quarter numbers and business outlook going forward said in the quarter gone by they managed to post growth in most segments, especially in the dredging and tanker business.
The Singapore unit was suffering losses for over two years now, and with the sale of this arm, the company will manage to pare its debt by Rs 1,000 crore, said Atul Agarwal, Joint MD at Mercator.
New Delhi is proposing importers sign 5-year contracts with local shipping firms in a move designed to shift freight worth billions of dollars to Indian flag carriers and help boost fleet companies like Shipping Corp of India , Mercator Ltd , Great Eastern Shipping Co and Essar Shipping
According to Atul Agarwal, softening of oil prices will be good for the industry. However, the deal will help only if Europe lifts its sanctions against insurance and banking facilities on shipping crude from Iran to India, he adds.
In terms of business, Patwardhan says the company‘s coal volumes were flat in FY13. However, he expects FY14 volumes to be 'substantially better' than FY13.
Shipping firm Mercator Ltd reported a consolidated net loss of Rs 340 crore for the quarter ended December 31, 2012. The reasons for the loss as told to CNBC-TV18 by Prasad Patwardhan, CFO of the company was the subsidiary in Singapore.
Atul Agarwal, joint managing director of Mercator Lines joins CNBC-TV18 to clear the air of rumours of the company defaulting in its loan repayment. "We might, in fact, pre-pay the loan in the next three months," he says.
In an interview to CNBC-TV18, Atul Agarwal, Joint MD, Mercator Lines said, shipping continues to remain a challenge. The contribution from shipping, he said, is only 32%. He further said, the offshore division will perform better in the next year.