Essar Acquires Panamax Vessel

 

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.

 

"Last month Essar Shipping de-commissioned MV Chandi Prasad, which sailed for 28 years, and MV Mahavir is a perfect replacement," the company said.

 

In the last fiscal ended March, Essar Shipping reported a 22 per cent growth in cargo handling, while its capacity utilisation grew to 94 per cent, from 80 per cent.