Panamax acquisition to increase ESL's fleet strength to 14 vessels

New vessel, wieghing 74,500 deadweight tonnage, to take up Essar's total capacity to 1.6 mn DWT

Having acquired a Panamax vessel of 74,005 deadweight tonnage (DWT), Essar Shipping Limited (ESL) has taken its total fleet size to fourteen. Essar Shipping's fleet now includes very large crude carriers (VLCCs), Capesizes, Mini-capes, Panamax, Supramaxes and Handysize bulk carriers, taking the company's total DWT capacity to 1.6 million.

Moreover, with the acquisition of the 2000-built Panamax bulk carrier, the company's average fleet age has fallen to 12 years from 13.5 years earlier, said Essar Shipping Executive Director and CEO Ranjit Singh in a statement.

"This acquisition is in line with our strategy to find cargo before acquisition to ensure