Essar Shipping appoints Vipin Jain as CFO

The appointment will be effective from 1 October 2022.

The board of Essar Shipping at its meeting held on 28 September 2022, approved the appointment of Vipin Jain as chief financial officer of the company with effect from 1st October 2022.

Jain is a chartered accountant with more than 16 years of experience. He is associated with Essar Shipping since October 2010, currently working as general manager finance. Prior to joining Essar Shipping.

Meanwhile, Ranjit Singh has decided to step down from the post of chief executive officer due to personal occupancy with effect from 30 September 2022.

Further, Ketan Shah has tendered his resignation from the post of chief financial officer due to his transfer to another group company with effect from 30 September 2022.

Essar Shipping is an integrated supply chain solution provider with investments in sea transportation and contract drilling services. It has a fleet of 12 vessels with a total capacity of 1.12 million DWT.

On a consolidated basis, Essar Shipping reported net loss of Rs 15.71 crore in Q1 June 2022 as against net loss of Rs 311.43 crore in Q1 June 2021. Net sales declined 88.67% to Rs 15.67 crore in Q1 June 2022 over Q1 June 2021.

Shares of Essar Shipping fell 2.60% to Rs 8.61 on Wednesday (28 September 2022).

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