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Essar Shipping News

04 Jun 2018

Oil Tanker Scrapping to Hit Multi-year High

© Evren Kalinbacak / Adobe Stock

The shipping industry will this year scrap the largest number of oil tankers in over half-a-decade, driven by weak earnings, firm prices for scrap steel and the need to prepare fleets for strict new environmental regulations.The surge in scrapping underscores how the sector is grappling with one of its worst-ever crises, hit hard after rates for transporting oil plunged to multi-year lows in the wake of excess tanker supply and tepid demand as OPEC production cuts bite."The tanker markets are definitely in a trough at the moment…

29 May 2017

Essar Acquires Panamax Vessel

The Ruia brothers-led Essar Shipping Limited (ESL) of India has added a Panamax vessel of 74,005 Deadweight Tonnage (DWT) to its fleet of vessels. With this new induction, Essar Shipping now has a fleet of 14 vessels that include VLCCs, Capesizes, Mini-capes, Panamax, Supramaxes and Handysize bulk carriers. Essar Shipping’s total DWT capacity now stands at 1.6 million and its average fleet age has fallen to 12 years from erstwhile 13.5 years, according to a company statement here on Tuesday. This 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, the statement said.

13 Apr 2017

Essar to Develop LNG Terminal at Haldia

India's Essar Ports has won a contract to build the first liquefied natural gas (LNG) terminal in West Bengal  under the Kolkata Port Trust (KoPT) at an investment of Rs 450 crore (USD 70 million). A Press Trust of India report said that the LNG project is expected to be commissioned in two years. The facility will come up at the Haldia port with a capacity to store one million tonne of the clean fuel. Haldia Dock Complex under Kolkata Port Trust had earlier this year invited bids for setting up an LNG terminal with storage and distribution facilities. Essar Ports, in consortium with Ultra LNG and Essar Shipping, had participated in the tender and emerged as the highest bidder for the project, beating state-owned Petronet and private operator V Energy.

24 Dec 2015

Capt.Sharma Appointed MD, Essar Shipping

The Board of Directors of Essar Shipping Ltd. has appointed Capt. Anoop Sharma as the Managing Director of the company, effective 1st November 2015. Capt. Sharma joined Essar in 2008 and until recently, served as CEO & Wholetime Director of Essar Shipping Limited. He is a Master (FG) with a Diploma in Marketing Management from Narsee Monjee Institute of Management Studies. Commenting on his appointment, Capt. As Managing Director, Capt. Sharma will report to the Board of Essar Shipping Ltd.

10 Nov 2015

Essar is 'Dry Bulk Line of the Year'

Essar Shipping, one of India’s leading shipping companies, today said that it has won the prestigious Diamond Category Award for “Line of the Year (Dry Bulk)” at the recently held Samundra Manthan Awards 2015. The company was bestowed this award in appreciation of its operational performance for the year 2014-15 in the dry bulk category. The award were organized by Bhandarkar Shipping Events with the support of CARE rating agency for their professional opinion in choosing the winners along with the jury. Talking on the award, Capt. Anoop Sharma, Managing Director, Essar Shipping said, “We are proud to be recognised for our operational performance in the highly competitive dry bulk space. Essar Shipping has a fleet of 15 vessels, of which 13 are for dry bulk cargo.

04 Oct 2013

FSL Trust Executive Tenders Resignation

Vijay Kamath

Vijay Kamath, Senior Vice President and Chief Commercial Officer (CCO) at First Ship Lease Trust (FSL Trust), will depart the company October 4, 2013 to pursue other career opportunities. Mr. Kamath was responsible for new business development and oversaw short-term deployment and management of the trust's vessels, which include seven containerships, 11 product tankers, three chemical tankers, two dry bulk carriers and two crude oil tankers. Mr. Kamath has more than 19 years of maritime industry experience.

11 May 2011

Essar Shipping Ports and Logistics: New Management Structure

Mumbai: Essar Shipping Ports & Logistics Limited (ESPLL) which is a part of Essar Group today held its Committee of Directors (Demerger Committee) meeting and announced the completion of the demerger process. The committee fixed 19th May 2011 as the record date. ESPLL announced that the company has received all the approvals hence the completion of the process. The company also announced the new management structure for the two companies once they are listed on exchange. Post demerger, the present company will be split into two entities – Essar Ports Ltd and Essar Shipping Ltd.

11 Dec 2007

Essar Sings Deals for Bulkers from STX

Shares of Essar Shipping were up on reports that Essar Shipping & Logistics signed a deal to build six bulk carrier at STX (Dalian) Shipbuilding in China, according to a report on http://economictimes.indiatimes.comThe estimated cost of each vessel is $65 million, making it a $390-million deal.

14 Jun 2004

Frontline Purchases Pertamina VLCCs

PT Pertamina (Persero) has entered into a definitive Sale and Purchase Agreement pursuant to which Windstar Marine Inc. and Speed Shipping Corp. two single purpose companies nominated by Frontline Ltd. in accordance with the Terms of Reference for Bid, but presently controlled by Frontline's majority shareholder Hemen Holding Limited ("Hemen"), have agreed to acquire Pertamina's two Very Large Crude Carriers ("VLCC") which are currently being constructed by Hyundai Heavy Industries Co. Ltd. More than 40 bidders were invited to participate in the bidding process and finalists were short listed including the Buyers, Essar Shipping Ltd. of India and Overseas Shipholding Group Inc. of USA.

04 Aug 2004

India: 616 Ships, 6.62 Million Tons

Research and Markets (http://www.researchandmarkets.com) has announced the addition of Shipping Industry in India to their offering. The Indian shipping industry consists of about 616 ships, with a total capacity of 6.62 million tons Gross Registered Tonnage (GRT). Of these, about 258 ships are engaged in overseas trade and the rest ply inland routes. After a period of decline, both tonnage and fleet size have grown recently, with the addition of ships -- tugs, survey vessels, towing vessels as well as pilot vessels -- belonging to ports and maritime boards. These were added between April 2002 and March 2003. There are about 55 shipping companies in the sector, of which 19 deal exclusively in coastal trade, and 29 are engaged in overseas trade. The rest operate in both types of trade.

30 Nov 2001

Industry Leaders Elected To ABS Membership

Sixty-Nine prominent shipping industry executives have been elected as new members of ABS. In addition, Rear Admiral David L. Brewer III, Commander, Military Sealift Command, U.S. Navy, was appointed as a member. This brings the ABS worldwide membership to 803. The members, each eminent in their maritime field of endeavor, provide broad governance and oversight of ABS. Members are drawn from various sectors of the marine, offshore and related industries worldwide. M.A. Marcelo P. S.A. Ghazi A. Al-Ibrahim, President, Mideast Shipmanagement Ltd. Giovanni Barbaro, Owner, Pietro Barbaro S.p.A. S.p.A. Giuseppe Bottiglieri, Managing Director, Bottiglieri Di Navigazione, S.p.A. Jae Cheol Byun, President, JSM International Ltd. Dr. Mauro Fernando Orofino Campos, President, Petroleo Brasileiro S.A.

02 Jan 2001

Petronet To Seek Fresh Shipping Bids

India's Petronet LNG will seek fresh price bids from the four consortia left in the race for a contract to ship liquefied natural gas (LNG) from Qatar to a terminal at west coast Dahej. "Technical bids have been opened and deviations are being sorted out. Once that is over, fresh price bids would be asked from the four," the official, who did not want to be identified, told Reuters. He said the deadline for selecting the shippers is March 31. Of the eight consortia which were pre-qualified after global competitive bidding, only four submitted technical and price bids. * Indian Oil Corp., Exmar of Belgium and Great Eastern Shipping Co. Ltd. * Essar Shipping and Malaysia International Shipping Corp.

24 Oct 2006

Aries Maritime Provides Update on its Fleet Deployment

deployment. repairs and upgrades, as previously announced. in the spot market, while period charter opportunities are explored. cost of repairs is expected to total approximately $1.4m. of the vessel from its previous charterer. $17,297.50 per day. for a period of six months at the same rate. previous charterer. has also exercised an option to extend the charter from Europe to the U.S. East Coast. hire. exceeding the maximum off-hire time allowed under the contract. Aries also announced the appointment of Tapas Mukhopadhyay as Aries Fleet Manager, effective November 1, 2006. of Technical Management for Essar Shipping Ltd. of India. Aries' fleet.