MRPL Stock Jumps After Aqua Titan Heads To Mangalore

TLDR

• MRPL shares climbed 8.5% to ₹200.58 on Friday from the previous close of ₹184.78.
• The stock traded at ₹196.75 and posted gains of 8.8% over the past five sessions.
• Aqua Titan is heading to New Mangalore port after MRPL chartered the vessel.
• The tanker is carrying Russia’s Urals crude and is expected to arrive on March 21.
• Rakesh Kumar Sinha confirmed that the vessel is bound for India with crude oil.

---

Mangalore (MRPL) shares climbed sharply after officials confirmed that a sanctioned Russian tanker is heading to Mangalore. The stock touched ₹200.58 on Friday, reflecting an 8.5% rise from the previous close of ₹184.78. The rally followed confirmation that the tanker Aqua Titan will arrive at New Mangalore port on March 21.

MRPL Shares Rally On Tanker Confirmation

MRPL shares gained momentum after a senior government official confirmed the vessel’s destination. The stock traded at ₹196.75 later in the session, posting an 8.8% gain over five trading days. Traders reacted quickly as the news clarified the tanker’s route and cargo details.

Rakesh Kumar Sinha, Special Secretary in the Ministry of Ports, Shipping, and Waterways, confirmed the tanker’s movement. He said the Aqua Titan is headed to India carrying crude oil. Earlier, officials had stated that they did not know of the vessel’s diversion.

The tanker carried Russia’s Urals crude and had initially sailed toward China. However, it changed course in Southeast Asian waters and redirected toward India. The vessel is now expected to dock at the New Mangalore port on Saturday.

Sanctioned Vessel Changes Course

Australia sanctioned Aqua Titan in June along with 59 other vessels. The Australian government said the ships used deceptive practices such as flag-hopping and disabling tracking systems. The U.K., Canada, the European Union, and Ukraine also sanctioned the tanker.

The United States had earlier imposed 25% tariffs on India for purchasing Russian crude oil. However, President Donald Trump revoked the tariffs after the United States and India signed an interim trade agreement.

The Aqua Titan rerouted to India after the United States allowed imports of Russian crude for 30 days. Officials confirmed that the tanker secured a charter from MRPL before changing course. The vessel’s expected arrival on March 21 now stands as the latest confirmed development in the transaction.

The post MRPL Stock Jumps After Aqua Titan Heads To Mangalore appeared first on Blockonomi.