Mercantile Ports & Logistics secures new multi-year contract

Mercantile Ports & Logistics has secured a new multi-year contract with cargo logistics solutions provider Esquire Shipping and Trading and Mumbai-based bulk cargo handler Sai Om Petro Specialties.

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MPL said on Wednesday that the contract was for an initial period of ten years, extendable by a further five years and with revenue of approximately £7.0m 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.

Chief executive Jay Mehta 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."

As of 1025 BST, MPL shares had surged 47.59% to 0.86p.