Essar Shipping

Essar Shipping Q1 results: Net loss of Rs 34.53 cr, income at Rs 11.57 cr

Essar Shipping on Thursday reported a consolidated loss of Rs 34.53 crore in the first quarter ended June 2024. The company had clocked a profit of Rs 26.13 crore in the corresponding quarter a year ago, the company said in a regulatory filing to the BSE. Its total income from operations in the June quarter declined to Rs 11.57 crore, against Rs 48.48 crore in the year-ago period. The firm's total expenses stood at Rs 40.56 crore, compared to Rs 30.47 crore in the year-ago period. The company said it's current liabilities, including outstanding portion of Foreign Currency Convertible Bonds (FCCB) which have fallen due for redemption, exceed its current assets as on June 30, 2024.

Essar Shipping reports Rs 5.6-crore net loss for December quarter

Essar Shipping on Wednesday reported a consolidated net loss of Rs 5.59 crore for the quarter ended December 2021. The company had reported a loss of Rs 181.88 crore in the corresponding quarter a year ago, it said in a regulatory filing. Its total income from operations during October-December 2021 quarter declined to Rs 93.72 crore, against Rs 103.02 crore in the year-ago period. The firm's total expenses dropped to Rs 119.50 crore, compared with Rs 284.85 crore a year ago. Essar Shipping said that in line with the approval granted by the shareholders, it has monetised its fleet of vessels. The proceeds of the vessels are being utilised to reduce the debt to its secured lenders, the company said. With this monetisation and upon satisfaction of other conditions, Essar Shipping's obligation to its lenders will reduce by about Rs 1,100 crore, it added.

Sebi penalises compliance officer of Essar Shipping in insider trading case

Markets regulator Sebi on Wednesday levied monetary fine on the compliance officer of Essar Shipping Ltd for failing to administer the code of conduct as prescribed under insider trading norms.

Stocks to watch: Hero Moto, Tata Steel, Essar Shipping, Bajaj Finserv, Bata

State-owned Power Grid Corporation of India board has decided to infuse fresh equity up to Rs 425 crore in Energy Efficiency Services

Essar Shipping board to meet again to approve financial results

Essar Shipping on Wednesday said that its board could not approve the financials for the March quarter and the year ended March 31, 2021 due to unavoidable circumstances in finalisation of accounts

Essar Shipping third quarter net loss widens to Rs 182 crore

Essar Shipping on Monday said its consolidated net loss widened to Rs 181.88 crore in the third quarter ended December 2020

Privatisation may affect SCI's decision-making powers, shipping market

In April 2003, the Cabinet Committee on Disinvestment had decided to suspend any divestment in SCI.

Shipping Industry to witness cost rise of $15 bn over IMO regulations

Companies to pass on entire cost increase to customers

Jindal Steel's import brings first Capesize vessel to Gopalpur Port

Essar Shipping-owned vessel carries 105,000 tonnes of limestone for JSPL; Gopalpur is undertaking an expansion plan entailing dredging of the channel to enable it to receive large ships

Sandeep Akolkar resigns as Essar Shipping CFO with immediate effect

Akolkar was appointed CFO of the company in January 2018

Essar Shipping plans to double cargo tonnage to 30 MT by 2019-20: CEO

Essar Shipping Ltd (ESL) is targeting to double cargo tonnage to 30 million tonne (MT) by 2019-20, a company official said. It had handled 13.06 MT cargo in the previous financial year and registered 28 per cent growth in total cargo tonnage in the third quarter of 2017-18. "The company is set to increase capacity from 15 MT to 30 MT by 2019-20 with increase in handling tonnage and higher operational efficiency," Essar Shipping Executive Director & CEO Ranjit Singh told PTI. However, he did not provide investment figures. Essar Shipping operates a fleet of 13 ships of mostly bulk carriers, comprising one capesize, six mini capesizes, one panamax, two supramaxes, two handymaxes as well as one very large crude carrier. The average age of the companys vessels is 10.5 years. Its 13-vessel fleet grew capacity utilisation to 94 per cent from 80 per cent in the previous fiscal, the company said. It said the primary goal and focus for the coming years will be on third party engagement ..

Essar Shipping to raise share capital

The proposal was to increase in authorised share capital of the company and reclassification of share capital

Essar Shipping to scale up third-party cargo

According to the 2016-17 annual report of Essar Shipping, its total debt at the end of March was Rs 4,282 crore

Essar Shipping bets big on captive cargo; fleet renewal

Currently, ESL is in the process of replacing its old fleet with younger vessels

Essar Shipping adds new vessel to fleet, total capacity increases to 1.6 mt

It will be deployed to transport pellets, coal and limestone from Essar's pellet plant in Paradip

Panamax acquisition to increase ESL's fleet strength to 14 vessels

Having acquired a Panamax vessel of 74005 deadweight tonnage (DWT), Essar Shipping Limited (ESL) has taken its total fleet size to 14. Essar Shipping's fleet now includes VLCCs, Capesizes, Mini-capes, Panamax, Supramaxes and Handysize bulk carriers, taking the company's total DWT capacity to 1.6 million. Moreover, with the acquisition of the 2000-built Panamax bulk carrier, the company's average fleet age has fallen to 12 years from erstwhile 13.5 years, Ranjit Singh, executive director and CEO, Essar Shipping stated."This acquisition is in line with our strategy to find cargo before acquisition to ensure full utilization of the vessel. This is a right fit to our fleet given the requirement of our customers. Further, last month Essar Shipping de-commissioned, MV Chandi Prasad who sailed for 28 years and MV Mahavir is a perfect replacement," said Singh.Re-christened 'MV Mahavir', the new vessel will be deployed for transporting pellets, coal and limestone from Essar Steel's pellet ...

Baltic Index, captive cargo boost to Essar

The company saw its capacity utilisation rising from 80% to 94% in the last fiscal

Stronger Baltic Index, captive cargo boost Essar Shipping numbers

Essar Shipping Ltd (ESL) logged 22 per cent growth in its cargo handling in FY17 helped mainly by its captive cargo whose share rose to 80 per cent. The company that runs a fleet of 14 vessels, saw its capacity utilisation rising from 80 per cent to 94 per cent in last fiscal.A spike in the Baltic Dry Index, a key indicator for freight rates, also boosted Essar Shipping's performance. Between February 2016 and March 2017, the Index shot up four times from a low of 290 to 1300.In FY17, ESL carried dry bulk cargo of almost 11.5 million tonne, as against 9.4 million tonne in the previous financial year. More than 80 per cent of its fleet carries dry bulk cargo, which includes products like iron ore, coal, bauxite and limestone. The company's two very large crude carriers (VLCCs)- MT Smiti and MT Ashna are used for crude oil transportation and are employed on spot contracts to take advantage of volatility in the crude oil prices.Ranjit Singh, executive director & chief executive ...

Essar Shipping Apr-Jun quarter loss at Rs 50 crore

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