Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Essar Shipping profit jumps 43%
BackBack

Essar Shipping profit jumps 43%

Essar Shipping profit jumps 43%

Premium


Mumbai: Long-term contracts and offshore revenue have helped Essar Shipping Ltd to post a 43% increase in quarterly profit.

A.R. Ramakrishnan, managing director at Essar Shipping, said the increases were possible because of the company’s decision to enter into long-term charters of vessels as that provides a natural hedge against the cyclical nature of the industry and ensures long-term visibility of revenue and profitability.

Revenue from offshore services increased 56.9% to Rs143.9 crore.

Essar Wildcat, the company’s offshore drilling rig, is deployed under an 18-month contract with US refiner ConocoPhillips Co. starting September 2011 at a day rate of $285,000. Most of Essar Shipping’s fleet are on long-term contracts with minimal exposure to spot markets. The company owns 25 vessels.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 08 Feb 2012, 04:47 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie