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Essar Shipping Results for Quarter Ended 30th September 2011
November 2011: Essar Wildcat deployed with ConocoPhillips in Indonesia at USD 285,000 per day
Essar Shipping Ltd’s results for the quarter ended 30th September show Revenues of Rs 600.20 crore for the quarter, and Rs 1261.40 crore for the half year ended 30th September 2011. The company reported a loss of Rs 85.65 crore for the quarter and Rs 66.83 crore for the half year, primarily on account of its semi-submersible rig Essar Wildcat undergoing statutory surveys/inspection in Aug/Sep 2011 and revenues being impacted accordingly. The Sea Transportation business recorded a profit of Rs 40.05 crore for the half year.
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The Essar Wildcat, after having successfully completed its contract with Vietsovpetro in Vietnam, has moved to its next contract with ConocoPhillips in Indonesia in Oct 2011 at an attractive charter rate of USD 285,000 per day.
Essar Shipping's prospects ahead are quite positive, with the delivery of the six new-build Minicape ships commencing later this month. These ships are backed by long term contracts, and are expected to provide stable earnings in these volatile shipping markets.
Commenting on the results, Mr AR Ramakrishnan, MD Essar Shipping Ltd said "The past quarter was a tough quarter for the industry and some of our major assets like the Wildcat and the two VLCCs were transitioning between contracts. These assets have now been deployed on good long term contracts and we are confident of long term stability in revenues
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