Sunday, August 9, 2009

Essar Gets Finance for New Ships

Part of Major Investment Plans
Shipping News Feature

INDIA - Essar Shipping Ports and Logistics Ltd (ESPLL) has finalised details on four of six dry bulk carriers that the company is intending to acquire at a cost of $218 million. The purchase is part of a $630 million expansion programme for Essar’s shipping division. The vessels are of 54,000 deadweight tonnage each and were built at ABG Shipyard.

The company is also in the process of purchasing another six mini cape dry bulk carriers of 105,000 dwt, each costing $412 million. The company hopes to achieve the necessary finance for the construction of these vessels by June 2010.

ESPLL is expecting to invest a total of $1.6 billion in plans to upgrade its port and terminal operations around the subcontinent. These plans include the construction of a 30 million tonne all-weather deep draft port at Hazira and an integrated terminal facility at Salaya (Gujarat) for handling coal and pet coke.