MPL secures new long-term port contract

RNS Number : 7659C

Mercantile Ports & Logistics Ltd

23 June 2021

 

23 June 2021

Mercantile Ports & Logistics Limited

("MPL", the "Group" or the "Company")

MPL secures new long-term port contract

Mercantile Ports & Logistics Limited, which is operating and developing out its port and logistics facility in Navi Mumbai, Maharashtra, India, is pleased to announce that it has secured a new multi-year contract.

MPL has signed a contract (the "Contract") with Esquire Shipping and Trading Pvt. Ltd. ("ESQUIRE"), a cargo logistics solutions provider based in Mumbai; and Sai Om Petro Specialties Ltd. ("SOPSL"), a Mumbai-based company engaged in the business of bulk cargo handling. The Contract is for an initial period of ten years, extendable by a further five years and with revenue of approximately GBP 7 million over the next three-year-period.

Under the Contract, ESQUIRE and SOPSL will carry out stevedoring and cargo handling services for coal and other bulk cargoes at MPL's Karanja based port and logistics facility and will utilise 200 meters of berth and approximately 12 acres of land for handling and storage.

MPL also announced recently that it has negotiated and executed successfully a re-structured debt facility with its consortium of banks, underscoring the banks' confidence in the financial performance of the facility, including its pipeline of future customers.

Jay Mehta, CEO of MPL said , "As the covid pandemic slowly but surely abates, we are seeing significant interest from potential customers wanting to utilise our facilities as they re-think logistics and supply chain issues in a post-Covid world. This latest long-term contract is testament to the business we have created on the ground, which we are seeing matches the needs of our customer base."

Jeremy Warner Allen, Chairman of MPL stated, "I am very encouraged by the progress we are making with converting potential clients into contracts, especially against the challenging Covid pandemic. We continue to build our business development team with the support of our partners at Hunch Ventures with the goal of enhancing capacity utilisation of the facility further during the course of 2021 and early 2022".

Enquiries:

Mercantile Ports & Logistics Ltd	Jay Mehta
	C/O SEC Newgate
	[phone]
Cenkos Securities plc	Stephen Keys
(Nomad and Joint Broker)	[phone]
Zeus Capital Limited	John Goold (Corporate Broking)
(Joint Broker)	[phone]
SEC Newgate	Adam Lloyd/Isabelle Smurfit
(Financial PR)	[phone]
	[e-mail]

 

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