Mercantile Ports & Logistics secures long-term contract in India

GUERNSEY : Mercantile Ports & Logistics Ltd. said that it has secured a new multi-year port contract in India with revenue of around seven million pounds ($9.8 million) over the next three-year period.

The U.K. port-and-logistics company –which is developing and operating its facility in Navi Mumbai, India– said it has signed a contract with Esquire Shipping and Trading Pvt. Ltd. and Sai Om Petro Specialties Ltd. for an initial period of 10 years which can be expanded to a further five.

The company said that under the contract both companies will undertake stevedoring and cargo handling services for coal and other bulk cargoes at its port and logistics facility.

“As the Covid-19 pandemic slowly but surely abates, we are seeing significant interest from potential customers wanting to utilize our facilities as they rethink logistics and supply chain issues in a post-Covid-19 world,” Chief Executive Jay Mehta said.

Source : Market Watch