Ruias-promoted Essar Shipping (ESL) today said it has inducted a new vessel in its diversified fleet, as part of $one billion capital expenditure plan.
With the induction of MV "Arun". The fleet size of the company will go up to 27, which would be further increased to 37 over the next 24 months, Essar Shipping said in a statement here.
Of the total $one billion capital expenditure plan, $600 million is earmarked for acquiring 12 vessels and approximately $450 million is for two jack-up rigs.
Under the fleet expansion programme, the company has already inducted a vessel. MV "Arun" has a cargo capacity of 105000 DWT (deadweight tonnage).
"This is in line with our plan to acquire vessels that carry larger parcels at economic costs and suits Indian conditions," Essar Shipping Managing Director AR Ramakrishnan said.
After acquiring all the 12 vessels the DWT will go up to 2.6 million tonne from 1.71 million tonne, making Essar Shipping among the top two private sector shipping companies in India, the company said.
The ESL at present has a diversified fleet of vessels, including Capesizes, Supramaxes, mini bulk carriers and tugs.