1. Essar Shipping takes delivery of bulk carrier

Essar Shipping takes delivery of bulk carrier

Essar Shipping today said it has taken delivery of a second-hand Panamax vessel, taking its fleet size to 14.

By: | New Delhi | Published: May 23, 2017 2:51 PM
In March this year, the company’s board had approved a resolution to sell older vessels and buy new ones. (Reuters)

Essar Shipping today said it has taken delivery of a second-hand Panamax vessel, taking its fleet size to 14. With this acquisition, the company’s total DWT (deadweight tonnage) capacity now stands at 1.6 million and its average fleet age has fallen to 12 years from 13.5 years earlier, it said. In March this year, the company’s board had approved a resolution to sell older vessels and buy new ones.

“The company took delivery of a second-hand Panamax vessel ‘Mv. Mahavir’ (2000 built) of about 74,005 DWT,” Essar Shipping said in a BSE filing. The 2000-built Panamax bulk carrier, rechristened ‘MV Mahavir’, will be deployed for transporting pellets, coal and limestone from Essar Steel’s pellet plant in Paradip to the steel plant in Hazira.

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“This acquisition is in line with our strategy to find cargo before acquisition to ensure full utilisation of the vessel…last month Essar Shipping de-commissioned MV Chandi Prasad who sailed for 28 years and MV Mahavir is a perfect replacement,” Essar shipping Executive Director and CEO Ranjit Singh said.

Essar Shipping is an integrated logistics solution provider with investments in logistics services, sea transportation and oilfield drilling services.

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