TIDMMPL

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    Jay Mehta 
  Ltd 
                                 C/O SEC Newgate 
                                 +44 (0)203 757 6880 
 Cenkos Securities plc           Stephen Keys 
 (Nomad and Joint Broker)        +44 (0)207 397 8900 
 Zeus Capital Limited            John Goold (Corporate Broking) 
 (Joint Broker)                  +44 (0)203 829 5000 
 SEC Newgate                     Adam Lloyd/Isabelle Smurfit 
 (Financial PR)                  +44 (0)203 757 6880 
                                 mpl@secnewgate.co.uk

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

CNTFTMRTMTTTBPB

(END) Dow Jones Newswires

June 23, 2021 02:00 ET (06:00 GMT)

Mercantile Ports and Log... (AQSE:MPL.GB)
Historical Stock Chart
From Jan 2025 to Feb 2025 Click Here for more Mercantile Ports and Log... Charts.
Mercantile Ports and Log... (AQSE:MPL.GB)
Historical Stock Chart
From Feb 2024 to Feb 2025 Click Here for more Mercantile Ports and Log... Charts.