Essar Shipping in talks for four panamaxes

Essar Shipping in talks for four panamaxes

India’s Essar Shipping is in negotiations for the acquisition of four secondhand panamax vessels in order to meet the growing demand at the Hazira Steel plant, Indian newspaper, the Financial Express has reported.

According to a source, Essar Shipping expects to take deliveries of the vessels in the second quarter of 2017 if prices are attractive and financing gets tied up in time. The company is also keeping its options open to take ships on bareboat.

“The acquisition is in line with company’s strategy to meet increased demand of iron ore at the Hazira steel plant, which gets supplied from the Paradip and Vizag ports on the east coast,” the source said.

The new purchase will increase Essar Shipping’s fleet size to 18 from 14 at present.

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.

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