ESSAR SHIPPING Net
Profit increses by 463% for 3QFY2001. Reports Net Profit
of Rs. 505.4 million (US$ 10.77 million)for the 9-Month
period ended 31st December 2000
The company continues to maintain its
vessels to the highest international standards, thereby
enjoying a steady relationship with various international
charterers. This has enabled Essar Shipping to shift its
focus to international operations thereby capitalising
on the rising charter rates in the worldwide market.
Currently, most of the vessels are chartered to internationally
renowned charterers, including leading International Oil
Majors, like Sun Oil (USA), PDVSA (Venezuela), Navion (Norway)
for its Suezmax tankers. This has resulted in 70% of the
Company’s income coming from its international operations.
The Company’s policy of maintaining its vessels on
a judicious mix of time and voyage charters has also helped
in optimising returns. Apart from this, the Company also
continues its drive for lowering operating costs without
compromising on its track record of operational excellence.
CORPORATE