Essar Shipping Limited reported a total income of of Rs. 164.43 crore (USD 36.29 million) for the quarter ended December 31, 2005, as compared to a total Income of Rs. 209.34 crore (USD 47.74 million) during the corresponding period in the previous year. Net Profit stood at Rs. 31.23 crore (USD 6.89 million) as against Rs. 107.24 crore (USD 24.46 million) The Company attributed the decline in profit due to lower availability of fleet operating days as a result of the sale of four Suezmax tankers in April 2005.

Total Income for the nine month period ended December 31,2005 was of Rs. 545.22 crore (USD 120.33 million) as compared to Rs. 626.63 crore (USD 142.90 million) in the same period last year. Net Profit stood at Rs. 153.94 crore (USD 33.97 million) as compared to Rs 168.50 crore (USD 38.43 million) The Net Profit for the nine months ended December 31, 2005 includes Profit of Rs. 68.57 crore (USD 15.13 million) on the sale of four Suezmax tankers.

Net Interest and Depreciation for the quarter ended December 31, 2005 were Rs. 3.39 crore (USD 0.75 million) and Rs. 8.59 crore (USD 1.90 million) respectively,. During the corresponding quarter of the previous year, interest and depreciation were Rs. 6.08 crore (USD 1.39 million) and Rs. 18.49 crore (USD 4.22 million) respectively. Interest costs came down as the Company was able to pre pay its debt.

The above results were taken on record at the meeting of the Board of Directors held on 30th January 2006.

Essar Shipping
Essar Shipping is focussed on providing transportation solutions to the global energy business. It has a diverse fleet of crude carriers and product tankers comprising Bulk Carriers, Tankers, Mini Bulk Carriers, Handymax and Barges. The Company has an unblemished track record in transporting crude oil across the globe. The company is setting up port and terminal facilities to handle the receipt, storage and dispatch of crude oil and petroleum products at Vadinar, Gujarat.

Essar Group
The Essar Group is one of India's largest corporate houses with interests spanning the manufacturing and services sectors like Steel, Oil & Gas, Telecom, Power, Shipping and Constructions. The Group has an asset base of over Rs. 23,000crore