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Our Bureau

Mumbai , Nov. 1

Essar Shipping Ltd (ESL) has reported a 23.8 per cent jump in net profit for the second quarter of the current fiscal to touch Rs 15.28 crore, against Rs 12.34 crore in the corresponding quarter of the previous fiscal. During the quarter, the company's income increased to Rs 298.91 crore, up by 91.3 per cent.

The total income for the six month period ended September 30 stood at Rs 579.61 crore (Rs 382 crore).

The company said, the freight rates in the tanker segment remained volatile during the quarter, with higher availability of vessels. And higher bunker prices put further pressure on the margins of shipping companies. In the bulk segment too, even though freight rates remained high, the higher bunker prices led to higher operating costs.

The company owns 27 vessels, including VLCCs, tankers and bulk carriers. The company services the transportation requirements of global oil majors such as Shell, Exxon Mobil, Chevron Bp Aramco and Texaco.

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