Essar Ports Limited
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BSE Code:
500630
NSE Code:
ESSARSHIP
Business Profile
Business Profile
Essar Shipping (ESSARSHIP) provides end-to-end solutions in marine transportation with integrated sea logistics solutions. Part of the Essar group, the company came into existence in 1983 through the amalgamation of Essar Bulk Carriers with Karnataka Shipping.
The company`s energy transportations section provides sea transportation management services to the global energy industry. The company tankers are chartered to companies like Shell, Exxon/Mobil, Chevron etc. The integrated bulk/petroleum product transportation services section offers supply chain management services for sea transportation of bulk cargo and refined products. It also handles 5 million metric tons of coastal dry bulk cargo annually. The crude oil and refined products handling and storage section provides storage and distribution services in India. Vadinar Oil Terminal (wholly-owned subsidiary), owns port and terminal facilities at Vadinar in Jamnagar, Gujarat.
The company has a fleet of 30 vessels made up of one VLCC, six Suezmaxes, three product tankers, five dry cargo bulk carriers, 11 mini-bulk carriers and four tugs. The Vadinar terminal provides storage and handling facilities for 32 MTPA of crude oil and 14 MTPA of petroleum products. The company is ISO 9001:2000 certified. Its vessels received the US Coast Guard`s AMVER award for high maritime safety standards. It complied with the International Ship and Port Security (ISPS) code. The company`s subsidiaries include Vadinar Oil Terminal, Essar Sisco Ship management Company, TAG Sealogistics, and Energy II.
The energy transportation clients include Sunoil International, Coastal Tankers, Petrobras, Bharat Petroleum Corporation, Exxon Mobil etc.; and integral coastal transportation and supply chain management services clients include Cargil, Indo Rama Group, Essar Steel, Oil and Natural Gas Commission, Hindustan Petroleum Corporation etc.
The registered office is at 2494, 17th Main, HAL II Stage, Bangalore-560008.
Financials
Essar Shipping registered a 92.45% growth in net profit to Rs 711.5 million for the quarter ended June 2007 from a profit of Rs 369.70 million for the quarter ended June 2006.
Net sales declined 2.41% to Rs 2,728.3 million for the quarter ended June 2007 from Rs 2,795.7 million for the quarter ended June 2006.
Total income dipped 2.71% to Rs 2,731 million from Rs 2,807 million for the quarter ended June 2006.
The earnings per share (EPS) of the company stood at Rs 1.67 for the quarter ended June 2007.
Recent Developments
20-MAR-07
Essar Shipping`s subsidiary TAG Sealogistics is planning to enter the platform supply vessel (PSV) segment. TAG Sealogistics is looking forward to acquire second hand PSVs to enter into this new market space. The decision to enter into the PSV segment came at a time when TAG Sealogistics bagged Rs 1.65 billion contract from Oil and Natural Gas Corporation for supplying three OSVs. TAG Sealogistics placed orders with ABG Shipyard for building three 80 tons Bollard Pull anchor handling tug supply vessels (AHTSV). All three vessels will be delivered by December 2007.
02-JAN-07
The members of the company at the extra-ordinary general meeting accorded to the delisting of the equity shares of the company from Bombay Stock Exchange.
22-DEC-06
Essar Shipping through its subsidiary Essar Oilfields Services acquired a semi-submersible rig for USD 220 million
Future Plans
Essar Shipping`s subsidiary TAG Sealogistics is planning to enter the platform supply vessel (PSV) segment. TAG Sealogistics is looking forward to acquiring second hand PSVs to enter into this new market space.