Four s fortnightly logistics track 7th august - 20th august 2012
1. 7 A U G ’ 1 2 – 2 0 A U G ’ 1 2
Logistics Track
Research4India Fortnightly update on Logistics Industry
In The Spotlight Contents
Dempo buys majority stake in shipyard Modest
Infrastructure for ` 7bn
News of the fortnight 1
Goa-based Dempo Group, which in 2009 sold its core
mining business to Vedanta Resources and ventured
Investment Activity 2
into shipping, has acquired a controlling stake in
Gujarat's shipyard company Modest Infrastructure in
a transaction valued at over ` 7bn. The acquisition
News Update 3
will catapult Demp Limited to making barges for iron
ore exports from Goa, into the national shipyard and
ship repair business and pitch it with larger
Global News Update 5
companies like L&T, ABG Shipyard, according to
people familiar of the development. Dempo's
transaction was done through the group's unlisted
Stock Market Updates 9
subsidiary Dempo Shipbuilding and Engineering.
A recent study by industry body Assocham said that
the Indian shipbuilding industry, which is growing at Peer Benchmarking 10
8% every year, will need to be expanded to cater to
cargo traffic of 1,230mn tonnes by 2015 and
3,000mn tonnes by 2020. Currently, the traffic at About Four-S Services 11
major ports in India is about 600mn tonnes.
The ` 7.5bn, 70-year-old Dempo Group has interests About Research4India
in iron ore mining, calcined petroleum coke, pig iron,
and shipbuilding and repair. The closely-held group Research4India is the research
has two listed companies, Goa Carbon and Hindustan services arm of Four-S Services Pvt
Foods. In 2009, the group sold its mining business to Ltd. Here we provide regular research
Sesa Goa, part of Vedanta Resources, for ` 17.5bn. It reports on key sectors of the Indian
focused on shipbuilding, by making barges used by economy, and large unlisted
ore exporters from Goa, the largest ore exporter of companies in these sectors. These
India. reports will be available on our
upcoming site
www.research4india.com, as well as
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2. Logistics Track
Investment Activity
PE Deals in 2012
Stake Amount
Date Investor Target Strategy
(%) ($ mn)
6-Jan General Atlantic Foursee Infrastructure Equipments NA 20.8 Growth
Ltd.
23-Feb IDFC Private Equity StarAgri Warehousing & Collateral NA 30.0 Growth
Mgmt
23-Feb Global Super Angels Chhotu.in (Santa Claus Couriers)
NA NA Angel
28-Mar Ambit Pragma Spear Logistics NA 1.7 Growth
30-Mar VenturEast, Zephyr Peacock e2E Rail NA 6.0 Early
26-Apr New Silk Route VRL Logistics NA 33.4 Late
19-Apr KKR, Goldman Sachs TVS Logistics 20.0 55.0 Growth
29-Jun Vertex Venture Holdings, KPCB, Reverse Logistics NA NA Growth
Sherpalo Ventures
25-Jul Ambit Pragma Mehta Frozen Foods Carriers 74.0 NA Early
19-Aug GTI Capital Brattle Foods NA NA Growth
The space saw 10 deals till date raising a total disclosed amount of $185.1mn.
Mergers & Acquisitions in 2012
Stake Amount
Date Investor Target Business
(%) ($ mn)
1-Feb Oil Field Warehousing & Services Raamns Shipping & Logistics NA NA Logistics Services
20-Apr DHL Express (India) Pvt Ltd DHL Lemuir Logistics Pvt Ltd 24.0 NA Logistics Services
15-May DTDC Eurostar Express NA NA Courier Services
18-Jul SG Holdings Sindhu Cargo Services 40.0 NA* Logistics Services
18-Jul SG Holdings Sunlog Services 40.0 NA* Logistics Services
16-Aug Dempo Group Modest Infrastructure NA 140.0 Ship-building & Repair
*SG Holdings have invested a total of $18mn in Sindhu Cargo Services and Sunlog Services which are sister concerns
The space saw 6 deals till date but the transaction details were disclosed for one only.
Dempo Group acquired ship-building & repair company Modest Infrastructure for $
140mn in August 2012.
In 2011, there were 11 PE deals in Logistics space worth $278.1mn. The largest among
came from Warburg Pincus which invested $100mn in Continental Warehousing
Corporation for un-disclosed stake.
In the same year, 8 M&A deals in Logistics space. TVS Logistics acquired 100% stake in
US based MESCO for un-disclosed amount. Amongst the disclosed, the largest was 100%
stake by Royal Vopak in CRL Terminals for $61.8mn
Research4India 2
3. Logistics Track
News Update
Future Supply Chain set to raise `1bn in 2012-13, Gateway Distriparks achieved a
second round funding turnover of ` 558mn (against ` 610mn in the
Future group’s consumer logistics company same period last year) and a net profit of `
Future Supply Chain Solutions will be raising ` 180mn (` 223mn) on standalone basis. The
1bn this year through a second round of private company is expected to ramp up its CFS
equity placement. This will form part of the capacity to 560,000 TEUs in the current
funds needed to double the warehousing financial year with the resumption of full
capacity of the company. According to operations at Punjab Conware CFS. Its current
Anshuman Singh, MD & CEO, Future group’s capacity stands at 516,000 TEUs. Construction
consumer logistics company Future Supply of the building of Punjab Conware CFS has
Chain Solutions will be raising ` 1bn this year begun and partial operations from the facility
through a second round of private equity will commence by November-end. The facility
placement. This will form part of the funds will be fully operational towards the year-end.
needed to double the warehousing capacity of The Kochi CFS has also commenced partial
the company. The company had earlier in 2009 operations (on wheel operations) and is likely to
received $30mn from Fung Capital, the private commence full-fledged operations on
equity arm of Hong Kong-based Li and Fung completion of the construction of warehouse,
group, diluting 26% stake in the company. This which is expected to happen next month.
time, it would either look for a new equity Gateway Distriparks is broadly divided into
partner or raise additional funds from the three — CFS, container rail (through Gateway
existing partner. The funds will be utilised to Rail Freight Ltd) and cold storage (Snowman
double the warehousing capacity to 10mn sq ft Logistics). The company operates container
in next two years. The company has made a freight stations at Navi Mumbai, Chennai,
total investment of ` 3bn since its inception and Visakhapatnam and (soon in) Kochi. It also
in the past two years it has added a storage operates Inland Container Depots (ICD) at
space of two million sq ft. Expanding storage Garhi (Haryana), Sahnewal (Ludhiana),
space was necessitated after the company Kalamboli (Mumbai) and a new ICD at Asaoti
started servicing external clients three years (Fardibad, to be operational in the current
back. Currently, 70% of the company’s revenue year).
comes from serving the group companies and GTI Capital invests in Brattle Foods
the rest from external clients. By the end of this
Financial services and investment firm GTI
year the revenue share from the external
Capital has invested in foods company Brattle
clients are expected to go up to 50% as the
Foods. Brattle and its subsidiaries are engaged
company has been witnessing good growth in
in the business of contract manufacturing of
the business in the past three years. The
food products and providing logistics solutions,
company clocked ` 4bn revenue last year hopes
including cold and ambient temperature storage
a 50% growth in the topline this fiscal.
and transport. The investment will be utilised in
New CFS to add muscle to Gateway expanding Brattle's facilities. The amount of
Distriparks investment was not disclosed. Almost three
years back, Brattle Foods had announced an
Despite the dip in net profit in the first quarter
investment of ` 8bn to set up three
of the current year, Gateway Distriparks
manufacturing units for dairy, meat and
expects a better year due to the commissioning
processing of fruits and vegetables. At that
of two new container freight stations — at Navi
time, the company had said it was allocating `
Mumbai and Kochi. For the first quarter of
Research4India 3
4. Logistics Track
3bn for setting up a dairy plant, and ` 1bn for agreement said that the rates at the CFS were
its vegetables and fruit processing business. But to be governed by the ones approved by the
the majority investment of ` 4bn had been Tariff Authority for Major Ports (TAMP). But
allocated for the company's meat processing after complaints raised by board members and
division. customers that DBC was charging higher rates,
JNPT had appointed a chartered accountant to
Japan-aided DMIC likely to bring ` 750bn
look into the allegations. Later in May, the
investment to UP
auditors submitted their report which said that
The Delhi-Mumbai Industrial Corridor (DMIC) the rates charged were higher than those
project is estimated to facilitate investments of mandated by TAMP. DBC Ports Logistics
` 750bn in the Greater Noida investment zone defended itself, saying it didn't overcharge
of Uttar Pradesh. The zone, comprising Dadri- customers, and concerns were raised mainly by
Noida-Ghaziabad, would attract food, competitors since DBC's rates were much lesser
electronics, auto, IT and other sunrise than others. It has also warned of strong legal
industries that is likely to create 1.2mn job action if their contract is terminated.
opportunities. The Centre would also spend ` Incidentally, DBC has been seeking a revision in
30bn in the region under the DMIC. The much- its rates at the CFS facility and had requested
awaited industrial corridor project is a ` 5tn for a massive 180% hike in rates.
mega infrastructure project with financial and 7 firms keen to develop Kochi port’s
technical aid from Japan. Seven investment proposed ship repair unit
centres and 13 industrial areas have been
identified along the upcoming industrial As many as seven firms have responded to a
corridor, of which an investment centre proposal by the Kochi Port to develop a ship
(Greater Noida) and an industrial area (Meerut- repair facility on a PPP basis within the port.
Muzaffarnagar) would fall in UP. On either side Cochin Shipyard Ltd and the Bahrain-based
of these centres, a ‘150-200 km area’ has been Sultan Marine International are among the
identified as dedicated freight corridor (DFC). firms that have evinced interest at the
These would be self-sustaining industrial Expression of Interest floated by the port for
townships with world-class infrastructure viz the public-private partnership project.
road, rail/air connectivity, quality social Encouraged by the response, the port had
infrastructure and provide a competitive invited global bids in May in a two cover system
business environment. Indian Railways intends for ‘Development and Operation’ of an
to develop Multi-modal Logistics Parks (MMLP) international ship repair facility with private
through the public-private partnership (PPP) sector participation. According to the senior
route along the eastern DFC at strategic official, the port will position its existing ship
locations. An MMLP was also proposed at repair facility as a ‘modern ship repair yard’
Kanpur. with additional facilities for ship building. The
JNPT likely to scrap deal with DBC Port idea is to develop the existing facility on par
with international standards for maintenance,
The country's largest container port, Jawaharlal repair and overhaul of small and medium size
Nehru Port Trust (JNPT), is likely to scrap a vessels by ensuring fast turnaround, high
contract with Arvind Dubash-owned DBC Port quality and excellent service. Figures from the
Logistics, formerly Speedy Multimodes, after port show that around 1,000 ships call at the
JNPT's auditors found discrepancies in the rates port every year . The number will nearly double
charged by the company. Speedy Multimodes over the next three years, brightening the
had won the licence in 2007 to operate the prospects for the ship repair facility.
container freight station (CFS) at JNPT, spread
across 68 acres, and are the largest CFS facility Chennai Port Trust woos Coimbatore
at the port. The terms and conditions of the trading companies
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5. Logistics Track
The Chennai Port Trust (ChPT), which is getting right to use the infrastructure to ferry goods.
into containerisation in a big way, will set up a Rail Bhawan expects the project concession
marketing cell and a help desk in the city to period will run for 30 years with the return on
increase its share in shipments from the region. equity linked to the interest rate on 10-year G-
It is also ready to offer volume-based Secs.
discounts, storage and stevedoring (loading and
Railway freight traffic to grow 5.2% this
unloading) facilities for exporters and importers fiscal: CMIE
in the region. With several private container
train operators commencing container train Railway freight traffic is likely to clock a 5.2%
services from Chennai to other parts of the growth this fiscal on higher demand from coal
state, the export-import trade in Coimbatore and iron ore meant for domestic steel plants,
can get easier. About 350 containers of cargo according to a forecast by Centre for Monitoring
are sent to the Chennai Port every month from Indian Economy (CMIE). In 2012-13, the
Coimbatore. This can go up to 1,000 tonnes revenue-earning freight traffic of the Indian
according to senior official. More than 500 items Railways is projected to rise by 5.2%. About
are being exported from Coimbatore and there 1,020mn tonnes of commodities are likely to be
are over 300 registered exporters. The Chennai transported during the year. The freight traffic
Port was the major export terminal for the during the June quarter increased 4.8%
region till the early 90s. However, it lost out its compared to the same period year ago. Noting
prime position to other ports over a period of that the growth will be supported by coal and
time. But with the ChPT shedding dirty and iron ore meant for domestic steel plants, the
break bulk cargo, it is now trying to win back report said country's coal imports are expected
patronage from the trade and industry in the to rise 28.3% to 134.4mn, which will create a
region. need for transporting. There is a strong demand
for coal from the power and steel sectors. Since
Railways wants FDI for industry corridors
the domestic output is not sufficient to meet the
In a move that seeks to overturn the Railways’ demand of the power sector, coal is imported.
policy against foreign direct investment in its
core business of laying tracks and running
trains, the Railways Ministry has proposed that Global News Update
the Cabinet allow FDI to build dedicated lines Global shipping Q2 volumes hit by Europe's
for industries. Accepting that its current plans economic crisis
to boost connectivity to sectors such as mining
Global shipping volumes fell in the second
and industry have not succeeded, the ministry
quarter of the year as Europe's economic
has forwarded its proposal for FDI in a cabinet
difficulties continued to act as a burden on
note sent to the committee on infrastructure
demand, according to the latest report from
headed by Prime Minister Manmohan Singh.
Container Trade Statistics (CTS). The data
Foreign direct investment in its core areas has
shows that exports from Europe (in terms of
been an absolute no-no for the fourth largest
TEU) grew three per cent in the second quarter
rail network in the world despite a huge
of 2012, a marked slowdown from the revised
shortage of funds to finance expansion. The
first quarter figure of 9.7%, while imports to
Railways allows FDI only in the manufacture of
Europe fell 5.3% in the second quarter. Asia's
components by private companies that supply
weaker economic performance in the second
to the network. Between 2000 and 2012, the
total FDI into the Railways has been ` 13.5bn quarter (compared with a stronger first quarter)
is reflected in the figures. Initial data shows
according to the Department of Industrial Policy
imports to the region fell 4.2% in the second
and Promotion. Under the model, the
quarter, compared with growth of 5.8% in the
concessionaire would build lines and maintain
first quarter. Meanwhile export volumes
them while the railways will have joint equal
Research4India 5
6. Logistics Track
increased just 2.8%, according to Transport assets. BPHC will own 67% of the joint
Intelligence. Container exports from North venture's equity, while remaining 33% will be
America decreased 6.5% in the second quarter, owned by Boardwalk. They are likely to
while exports in the first quarter of the year contribute about $268mn and $132mn,
were almost flat at minus -0.6%. However, respectively, to fund the acquisition. The deal is
import figures indicate a much more positive expected to close in late September or early
picture, up 9.9% in the second quarter, October. PL Midstream provides salt-dome
compared with growth of 3.7% in the first storage, pipeline transportation, fractionation
quarter. Negative export growth was reported and brine supply services for producers and
in South America, the Middle East and Africa. In consumers of petrochemicals, natural gas
terms of imports, growth rates slowed liquids (NGLs) and natural gas through two
considerably, however, they remained in hubs in southern Louisiana.
positive territory. As the global economic
recovery remains weak and uncertain, it seems Concord's Cardinal Logistics acquired by
the second half of the year is likely to remain NY private equity firm
tough for shippers.
Cardinal Logistics Management Inc. has been
C.H. Robinson boosts buyback program by bought by Centerbridge Partners, a New York-
10mn shares based private-equity firm. Financial terms of
the acquisition were not disclosed. Cardinal,
C.H. Robinson Worldwide Inc. (CHRW) had
which is based in Concord, specializes in
added 10mn shares to its share-repurchase
shipping, warehousing and distribution. The 15-
program as the logistics company looks to
year-old company’s clients include AutoZone
boost shareholder return. The latest
Inc. and Office Depot Inc. Cardinal's
authorization represents about 6.2% of shares
management will remain intact, according to a
outstanding as of Friday. The company had
spokeswoman. Centerbridge Partners manages
about 2.5mn shares remaining under its prior
approximately $ 20bn in capital.
authorization. C.H. Robinson has posted
improved results since the recession, with Tesoro buys BP refinery, logistics in
particular strength seen in its key trucking California for $2.5bn
business. Last month, the company reported its
second-quarter earnings increased 3.2% as BP has agreed to sell its 266,000 bpd Carson
revenue in its sourcing and payment services refinery in California and related logistics and
segments rose, though sales in its key trucking marketing assets in the region to Tesoro for
segment slipped slightly. Shares were up by $2.5bn in cash. The deal value includes the
three cents at $54.26 after hours Friday. The estimated value of hydrocarbon inventories and
stock has fallen 10% over the past three subject to post-closing adjustments. The
months. company noted that the sale is part of a
previously-announced plan to reshape BP’s US
Boardwalk to buy PL Midstream from PL fuels business. Subject to regulatory and other
Logistics for $625mn approvals, Tesoro will acquire the Los Angeles-
area refinery as well as the associated logistics
Boardwalk Pipeline Partners has formed a joint
network of pipelines and storage terminals and
venture (JV) with an affiliate of its general
the ARCO-branded retail marketing network in
partner, which entered into an agreement to
Southern California, Arizona and Nevada. The
acquire PL Midstream from PL Logistics, a
sale also includes BP's interests in associated
portfolio company of Lindsay Goldberg for
cogeneration and coke calcining operations. The
$625mn in cash. With this acquisition, the
sale is expected to close before mid-2013.
company will enter into the natural gas liquids
market with well-run and strategically-located
Research4India 6
7. Logistics Track
XPO Logistics acquires Kelron ops for of the gas transporter. Navigator has offices in
$8mn New York and London, and delivers gas to
mostly developing countries. Ross Jr. is ranked
XPO Logistics on Monday, Aug. 6, announced its by Forbes as the 206th wealthiest person in the
acquisition of the freight brokerage operations country.
of Kelron Logistics, a Canadian nonasset third-
party logistics business, for $8mn in cash, Toyota to set up KES 1.28bn logistics
excluding working capital adjustments. Kelron centre in Nairobi
Logistics serves more than 1,000 customers
through locations in Toronto, Vancouver, It is reported that auto maker Toyota is setting
Montreal and Cleveland. Kelron Logistics up a KES 1.28bn logistics hub in Nairobi that
generated trailing 12 months revenue of about will be used by 13 countries in sub Saharan
$100mn as of June 30. XPO Logistics is a Africa to source vehicles directly from Japan.
leading, non-asset based, third-party logistics Through its trading and investment arm Toyota
provider in North America. Tsusho Corporation, the firm signed a
memorandum of understanding with the Vision
Unified Logistics acquires McTyre Trucking 2030 delivery board that will facilitate the
establishment of the centre and support
Unified Logistics Holdings has acquired McTyre collaborations with the Kenyan government in
Trucking Company, Inc., based in Orlando, the automobile, power and energy, petroleum
Florida, USA. Headquartered in Bethesda, and mineral resource, environmental
Maryland, Unified Logistics is a specialized infrastructure, agricultural industrialization
logistics company focused primarily on the fields. Companies in the Sub Saharan region
handling, transport and delivery of hard-to- will be saved from importing vehicles directly
deliver freight, particularly highly urgent and/or from Japan with the establishment of the
over-dimensional freight. McTyre, founded in facility. It is expected that the center will
1947, primarily provides engineered transport reduce their cost and other importation
of large structures (bridge steel, power grid inconveniences experienced because of the long
equipment, highway and airport structures). distance.
McTyre also transports mega-heavy shipments
in the nuclear and electrical power industries, Private sector invests $33.4bn in
including industrial machinery and processing transportation infrastructure - Abdib -
equipment. McTyre will join other specialized Brazil
rigging and hauling companies acquired by
Unified since 2008, including Silk Road Between 2003 and 2011, the private sector
Transport, Silk Road Translink, Benchmark invested 67.6bn reais ($33.3bn) in
Logistics, Great Lakes Heavy Haul and transportation and logistics projects in Brazil,
Specialized Carriers. making up 40% of all investments throughout
the nine year period, infrastructure and basic
Wilbur Ross’ firm buys majority stake in industries association (Abdib) said in a release.
shipping magnate Throughout the period, a total of 1.04tn reais
was invested in overall infrastructure projects.
WL Ross & Co., which is headed by Palm Of this, 169bn reais, being 16.3%, was
Beacher Wilbur Ross Jr., recently agreed to buy dedicated to transportation and logistics work
the shipping firm Navigator Holdings out of which included highways, railways, metros,
bankruptcy. The New York investment company ports, airports, and waterways. A total of 60%
made a deal with Lehman Brothers to purchase of this came from the public sector and the rest
4.4mn shares of Navigator Holdings for from the private sector. In recent years, overall
$110mn, giving Ross more than 50% infrastructure project investments have seen
ownership. WL Ross already had 3.5mn shares slight increases. A total of 173bn reais was
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8. Logistics Track
reported in 2011, representing a 2% uptick projects alone. The trade expert also feared
from the 170bn reais in 2010. that a renewed delay of Berlin's new
international airport would mean irreparable
Kuehne + Nagel opens new warehouse image damage for the country abroad.
facility in NZ
World's oldest shipping company closes
Kuehne + Nagel has opened a new warehouse after 300 years
facility in Auckland to meet the growing
demand for integrated logistics services. The The world's oldest shipping firm, Stephenson
new site has an available space of 86,000 sq. Clarke Shipping Ltd., has gone into liquidation
ft., including a specifically designed 65,000 sq. after nearly 300 years of trading, becoming a
ft. outdoor secure yard for the handling and casualty of the worsening global downturn.
storage of bulk cargo. It is the third facility Established in 1730 in Britain, Stephenson
managed by Kuehne + Nagel in New Zealand Clarke had tried to sell its ships and cut costs in
and complements the company’s two existing the face of crashing rates for dry bulk shipping
facilities with 108,000 sq. ft. and 54,000 sq. ft. on which it relied -- transporting cargoes such
warehouse space. The premises are centrally as coal, grain and iron ore. Stephenson Clarke
located with fast access to the city’s key thrived during Britain's industrial revolution,
infrastructure facilities. shipping coal from its home in the northeastern
city of Newcastle and later diversifying to ship
Germany loses out as logistics location: other commodities including grain, fertilisers
Experts and steel in northern Europe, the Mediterranean
and West Africa.
Germany is moving further away from the top
spot as a logistics location it once held in a DHL launches online shipping portal
World Bank ranking. A German trade expert
warns that not enough resources are being DHL Express has launched a new Internet portal
provided for more efficient infrastructure. as part of its thrust to upgrade its technological
Germany is losing its reputation globally as a platform to facilitate online shipping, the latest
splendid logistics location, a transportation move geared especially towards small and
expert from the Federation of German medium-sized enterprises. With the new portal
Wholesale, Foreign Trade and Services (BGA), My DHL, customers will have greater control
Gerhard Riemann said in a statement. He over password management, and will have
claimed that the German government had been access to a broad range of international
giving short shrift to important traffic services. Applications that can be accessed on
infrastructure projects and increased the the portal include DHL web shipping
financial burdens on haulers. He also hinted the international, a solution which allows customers
current toll system might be expanded to to create invoices, print export labels,
include other major roads. the ranking in coordinate collections, store addresses and
question now saw Germany in fourth position monitor shipments. According to the senior
after Singapore, Hong Kong and Finland. He company officials, this portal is the last step
particularly complained about the government missing to offer small and medium enterprises a
not having given the green light yet to full proposal that will help this sector in
gigaliners or super-trucks on selected roads, particular. Customers are required to register at
praising their economic and ecological www.dhl.com/mydhl to access the service.
advantages. Riemann maintained that not
enough money was being provided to maintain
or expand the current traffic infrastructure in
Germany, saying there was a lack of 5bn euros
($6.16bn) annually for road transportation
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9. Logistics Track
Stock Market Update
Share Price Performance
As on 17th August 2012 Market Cap Price Percentage Change (%)
(In ` mn) (In `) 1W 1M 3M 6M 12M
Container Corporation of India 123,003 946.30 0.4% 5.2% 8.1% -3.1% -1.3%
Blue Dart 47,927 2,019.85 0.4% 3.6% -3.1% 14.2% 21.4%
Essar Ports Ltd. 41,441 96.85 -2.1% 2.0% 8.1% 38.6% 34.7%
Great Eastern Shipping 39,550 259.70 -1.0% -0.1% 8.2% -4.3% 8.3%
Shipping Corporation of India 25,992 55.80 3.8% -2.6% 2.2% -27.5% -32.9%
Allcargo Logistics 17,671 138.60 -1.4% -1.7% 22.7% -2.5% -14.8%
Gateway Distriparks 14,687 135.50 0.0% -6.6% -8.5% -6.4% 4.7%
Arshiya International 7,341 125.75 2.8% -3.5% -6.5% -22.5% -3.9%
Mercator Ltd. 4,971 20.30 7.1% -1.9% 6.8% -34.6% -16.6%
Transport Corporation of India 4,647 63.90 0.2% -3.6% 13.3% -11.1% -20.0%
Aegis Logistics 4,035 120.80 5.0% -0.3% -6.8% -28.8% -39.2%
Sical Logistics 3,725 67.00 -0.1% -0.2% -0.2% -3.4% -15.9%
Gati 3,303 38.15 -1.3% 1.2% 14.2% -4.5% -37.5%
Aqua Logistics 3,000 10.00 0.0% -8.7% -11.1% -16.3% -30.8%
SEAMEC Ltd. 2,971 87.65 0.9% 2.3% 12.7% -12.5% -9.5%
Varun Shipping 2,363 15.75 4.3% -2.5% -4.0% -23.2% -20.3%
NSE Nifty - 5,366.30 0.9% 3.3% 10.2% -3.6% 6.1%
BSE Sensex - 17,691.08 0.8% 3.4% 10.1% -3.3% 5.1%
ET Logistics Index - 16,764.24 0.3% 2.3% 5.3% -4.5% 0.3%
ET Shipping Index - 6,385.98 0.9% -1.6% -0.8% -17.8% -5.8%
Baltic Dry Index (BDIY:IND) - 714.00 -7.8% -34.7% -37.2% -0.4% -47.9%
Baltic Dry Index
Source: Baltic Exchange
Road Freight Index
U Source: Transport Corporation of India
Research4India 9
11. Logistics Track
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214, Udyog Vihar, Phase I, 101,Nirman Kendra, Opposite Star TV,
Gurgaon – 122016 Off Dr E Moses Road, Mahalaxmi,
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