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Essar Shipping inducts new vessel

With the induction of MV "Arun", the fleet size of the company will go up to 27.

Ruias-promoted Essar Shipping (ESL) said it has inducted a new vessel in its diversified fleet, as part of $1 billion capital expenditure plan.

With the induction of MV "Arun", the fleet size of the company will go up to 27, which would be further increased to 37 over the next 24 months, Essar Shipping said in a statement here.

Of the total $1 billion capital expenditure plan, $600 million is earmarked for acquiring 12 vessels and approximately $450 million is for two jack-up rigs.

Under the fleet expansion programme, the company has already inducted a vessel.  MV "Arun" has a cargo capacity of 105,000 DWT (deadweight tonnage).

In the early afternoon, Essar Shipping was trading at around Rs31 per share on the Bombay Stock Exchange, 3.33% up from the previous close.

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