Essar Shipping to dispose of older vessels

Essar Shipping to dispose of older vessels

India’s Essar Shipping has passed a resolution to sell off its older vessels as part of the company’s fleet renewal plan, aimed at dealing with the incoming IMO regulations in 2020.

“The enabling resolution will help us start working on renovation of the fleet, getting out of older tonnage and gradually look at inducting slightly younger tonnage,” said Ranjit Singh, CEO of Essar Shipping.

“With new regulations coming in, these will have an impact on older tonnage. We will have to start looking at all these things,” Singh added.

Essar Shipping currently operates a fleet of 10 bulkers, 7 general cargo ships and one tanker. Older tonnage in the fleet includes one 24-year capesize bulker and one 18-year panamax bulker.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

Related Posts