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Strategies & Market Trends : India Coffee House

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To: Mohan Marette who wrote (5267)	7/26/1999 7:57:00 AM
From: Mohan Marette	Read Replies (2) of 12475

Essar Shipping fleet to go 'Big' essar.com Essar Shipping is getting rid of its smaller vessels and buying large ones, as part of a new strategy to concentrate on size and economies of scale. The Rs 4 bn company currently has a fleet of 36 small and large ships. The company is already in the international market to buy two second hand Capesize vessels (more than 0.1 m deadweight tonnage, worth around US$ 12-14 m each). Essar is also planning to go in for very large crude carriers (VLCCs) at a later stage. Essar sold one of its small bulk carriers last month for US$ 4 m. Mr. Rajiv Agarwal, chief financial officer of Essar Shipping stated that "We may dispose the remaining seven Handisize-Handimax vessels if we get a good buyer. More Capesize vessels will replace them. Bigger tonnage would lead to simple operations and better efficiency". The Capesize vessels would be chartered to the Group's flagship Essar Steel for importing raw materials and exporting hot rolled coils. The oil transportation sector accounts for 80% of Essar Shipping's revenues. 26 July, 1999 (em)

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