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Essar Shipping to scale up third-party cargo

According to the 2016-17 annual report of Essar Shipping, its total debt at the end of March was Rs 4,282 crore

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Last Updated : Dec 15 2017 | 1:28 AM IST

The Ruia-owned Essar Shipping is planning to increase volumes via third-party cargo, even as it services debt in a not so friendly freight market.

“Current tanker freight levels are not as good as two years ago. But, by 2019, we expect freight rates to pick up in this segment as older tonnage is scrapped,” explained Ranjit Singh, executive director and chief executive officer, Essar Shipping.

The scenario in the dry bulk segment is quite the opposite. “At the current level of the Baltic Dry Index, we are able to service debt, cover operational cost and also have an earnings kitty,” Singh said.

The

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