India: ESSAR Shipping to Order 12 New Vessels

Essar Shipping has invested in upgrading and modernizing its fleet and logistics operations.

Bracing itself for increased business from outside the Essar Group of companies, it has placed an order for 12 new vessels and two jack-up rigs. At present, Essar Shipping has 27 ships and 13 oil rigs.

Disclosing that the purchases would be funded mostly through debt, Mr Ramakrishnan apprised that the company had already arranged for close to $ 600 million and paid it to the shipbuilders.

Twelve new building vessels, six supramaxes and six minicapes to be acquired on bare boat charter basis.

Vessel specifications:

Hull No. 2038 98,000 Minicape STX Dalian Shipyard

Hull No. 2040 98,000 Minicape STX Dalian Shipyard

Hull No. 2042 98,000 Minicape STX Dalian Shipyard

Hull No. 2045 98,000 Minicape STX Dalian Shipyard

Hull No. 2046 98,000 Minicape STX Dalian Shipyard

Hull No. 2048 98,000 Minicape STX Dalian Shipyard

Hull No. 291 54,000 Supramax ABG Shipyard

Hull No. 292 54,000 Supramax ABG Shipyard

Hull No. 293 54,000 Supramax ABG Shipyard

Hull No. 294 54,000 Supramax ABG Shipyard

Hull No. 295 54,000 Supramax ABG Shipyard

Hull No. 297 54,000 Supramax ABG Shipyard

Essar Shipping Limited is a part of the multinational conglomerate Essar Group. Essar Shipping is an integrated logistics solution provider with investments in logistics services, sea transportation and oilfield drilling services.

[mappress]

Source: essar, September 12, 2011