| Press
Releases |
| Essar Shipping
Limited revenue up by 4% and profit up by 13% |
| January 17, 2003 |
|
|
Essar Shipping Limited (ESL)
recorded an increase of 13.38% in its net profit at Rs.
16.36 crore (USD 3.40 million) for the quarter ended December
31, 2002 compared to Rs. 14.51 crore (USD 3.00 million)
for the corresponding period in the previous year. ESL
continues to maintain its EBITDA margin at 51% for the
quarter ended 31 December 2002. Its EBITDA was Rs. 45.44
crore (USD 9.44 mn) compared to Rs. 46.87 crore (9.68 mn).
Total
income was Rs. 122.85 crore (USD 25.51 million) compared
to Rs. 118.88 crore (USD 24.55 million) for the corresponding
period of the previous year. Fleet operations & charter
revenues have been higher at Rs 122.49 crore (USD 25.44
million) compared to Rs. 117.37 crore (USD 24.24) in the
corresponding period last year. |
Interest, depreciation and
write back of taxes were Rs. 12.93 crore (USD 2.69 million),
Rs. 16.83 crore (USD 3.50 million) and Rs. (0.68) crore
(USD 0.14 million) respectively for the quarter ended 31st
December 2002. During the corresponding period of the previous
year, interest, depreciation and taxes were Rs. 12.23 crore
(USD 2.53 million), Rs. 18.98 crore (USD 3.92 million)
and Rs. 1.15 crore (USD 0.24 million) respectively.
The
above results were taken on record at the meeting of the
Board of Directors held on 17th January, 2003. |
Markets
The Suezmax
freight rates increased from about US$ 27,000 per vessel
per day in November 2002 to US$ 37,000 per vessel per day
by mid December ( as per Clarkson Shipping Intelligence
Weekly) . In the Capesize market, the freight rates for
a one year TC increased from USD 9,000 per day per vessel
in the beginning of December to USD 12,250 per day per
vessel in December end. The Handymax / Handysize freight
rates increased from USD 7,700 per day per vessel in October
02 to USD 9,000 per day per vessel in December 02. The
Handysize freight rates also increased from USD 6,900 per
day in October 02 to USD 7,500 per day in December 02.
This
trend is likely to continue at least till the end of the
financial year because of recent market trends that have
led to rapidly rising charter rates for Suezmax tankers
and improved charters for Capesize and smaller size carriers
such as Handymaxes and Handysizes. In the Suezmax tanker
segment, the chief reasons were: an unexpectedly prolonged
Venezuelan strike, potential Gulf war jitters and the normal
winter season in the USA. The bulk carrier segment's improved
fortunes were the result of increased volumes in iron ore
and coal with Chinese demand being the key driver. |
| Key Financial Highlights: |
 |
Cash profit
of Rs 33.19 crore (USD 6.89 million), compared to Rs.
33.49 crore (USD 6.92 million) for the previous year. |
|
The EBIDTA margin has
reduced marginally from 50.74% in December 2001 to
50.60% in December 2002. |
|
One vessel underwent dry-docking
in the quarter. |
|
EPS (not annualized) |
|
December
2002 |
December
2001 |
Rs. 0.54 |
Rs. 0.74 |
|
|
| ESSAR Fleet |
| As on January 17, 2003
the Essar fleet consisted of 33 vessels as follows: |
Type |
Number |
DWT |
Suezmax Carriers |
6 |
919,080 |
Product Tankers |
3 |
45,824 |
Dry cargo bulk carriers |
6 |
396,906 |
Mini-bulk carriers |
11 |
24,200 |
OSVs |
3 |
5,253 |
Tugs |
4 |
1,600 |
| Total |
33 |
1,392,863 |
|
|
| Summary Consolidated
Statements of Income |
|
Quarter
Ended 31st Dec |
Quarter
Ended 31st Dec |
|
2002
( Rs. Crore) |
2001
( Rs. Crore) |
2002
(USD million) |
2001
(USD million) |
Percentage Difference |
Income from operations |
|
|
|
|
|
Fleet Operating & Chartering
earnings |
122.49 |
117.37 |
25.44 |
24.24 |
4.95% |
Profit on sale of Shipping Assets |
0.00 |
0.00 |
0.00 |
0.00 |
0.00% |
Other Income |
0.36 |
1.51 |
0.07 |
0.31 |
-76.03% |
Total Income |
122.85 |
118.88 |
25.51 |
24.55 |
3.92% |
Operating Expenses |
|
|
|
|
|
Fleet Operating Expenses |
62.80 |
51.90 |
13.04 |
10.72 |
21.68% |
General & Administrative
Expenses |
3.28 |
5.46 |
0.68 |
1.13 |
-39.59% |
Dry Docking Expenses |
5.03 |
7.74 |
1.04 |
1.60 |
-34.65% |
Lease rentals |
6.30 |
6.91 |
1.31 |
1.43 |
-8.32% |
Total Operating Expenses |
77.41 |
72.01 |
16.08 |
14.87 |
8.10% |
|
|
|
|
|
|
EBITDA |
45.44 |
46.87 |
9.44 |
9.68 |
-2.51% |
EBITDA Margin |
50.60% |
50.74% |
|
|
|
|
|
|
|
|
|
Depreciation |
16.83 |
18.98 |
3.50 |
3.92 |
-10.83% |
Interest expense (net) |
12.93 |
12.23 |
2.69 |
2.53 |
6.32% |
Income before tax |
15.68 |
15.66 |
3.26 |
3.23 |
0.69% |
Provision for Taxation (net) |
-0.68 |
1.15 |
-0.14 |
0.24 |
-159.46% |
Net Income |
16.36 |
14.51 |
3.40 |
3.00 |
13.38% |
|
|
For 2002 figures, 1 USD =
Rs.48.15
For 2001 figures, 1USD =Rs.48.42 |
For
more information on Essar Shipping Limited contact:
Essar Group
Corporate Communications
corporatecommunications@essar.com
Tel : 91-22- 2495-0606 / 6660-1100 |
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