Essar Shipping Handles 22 Pct More Cargo in 2017

Image Courtesy: Essar Shipping

Indian shipping corporation Essar Shipping Ltd (ESL) has reported a strong operational performance with a 22% growth in cargo handling in  fiscal year 2016-17.

During this period, the company’s fourteen-vessel fleet also grew its capacity utilisation to 94% from 80% seen in the same period a year earlier.

The strong performance comes on the back of an increase in The Baltic Dry Index, a key indicator of freight rates, during the year from an all-time low of 290 in February 2016 to a high of 1,300 in March 2017.

In fiscal year 2017, ESL carried almost 11.5 million tonnes of dry bulk cargo, as against 9.4 million tonnes in the previous financial year.

Additionally, the company said that the highlight of the year was the doubling in coastal cargo movement triggered by the increased capacity utilisation at Essar Steel. The company also benefitted from a considerable growth in backhaul cargo both on the east and west coasts of India because of the all-round growth in Essar Steel.

“Our strategy to have an ideal mix of captive and market cargo has ensured better utilisation of vessels in FY17. The stronger Baltic Dry Index, coupled with increased activity and capacity utilisation at Essar Steel, has also made a positive impact on our toplines,” Ranjit Singh, Executive Director & CEO, said.

Essar Shipping operates a fleet of 14 vessels, including VLCCs, Capesizes, Mini-capesizes, Supramaxes, Handysize bulk carriers, and mini-bulk carriers.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Shipping2030 Asia

This year Shipping2030 Asia will take place with Global Liner Shipping conference, offering attendees unique access to networking with the container shipping industry…

read more >

Indonesia Marine & Offshore Expo (IMOX) 2017

Indonesia Marine & Offshore Expo (IMOX) 2017, Batamis an international maritime and offshore industrial event that brings an international…

read more >

Salvage & Wreck Asia

Could your business be affected by shipwreck? Are you a salvage professional or a wreck removal expert? …

read more >

DSM17

Donsö Shipping Meet 2017 is an all inclusive exhibition. Meals, electricity, meeting schedule and banquette dinner is included…

read more >