The company slumped to a loss of $6.7m during the three months to 30 June versus a gain of just $370,000 in the same period of 2012, it announced today.
Revenue of $13.9m was under half the $30.7m booked during the first quarter of last year.
In February Mercator was forced to sell the 79,022-dwt Sri Prem Putli (built 1993) to Polaris Shipping for $44.4m
