Mercator further into red

Singapore-listed bulker owner Mercator Shipping Lines has posted a bigger first quarter loss as costs jumped.

It logged a deficit of $7.12m to 30 June, from $6.74m in the same period of 2013,

Costs rose to $12.5m from $8.62m and depreciation also increased.

Revenue grew to $16.5m from $13.9m in 2013, however.

Looking ahead, it said dry markets would stay challenging due to the number of newbuildings on order.