Since there is improvement in spot freight rates due to surge in transportation of crude oil, coal & food grains,etc it seems the worst is over for shipping industry.
As the current P/E of the Company is 7.8, therefore any further improvements will impact positively the earnings per share resulting in CMP to rise to the level from where the last correction took place.
gautam56: I share your views and expect a decent upside in this counter. Bulk shipping rates continue to rise strongly. Capesize average earnings rose to $78,075/day on the London Baltic Exchange, up more than three-fold from the recent low of $22,109/day on September 23rd. Besides that Mercretor has coal mines and a direct beneficiary because increasing world steel demand to keep coking coal prices soaring.
| NIFTY 
