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Essar Shipping's cargo handling services surge 22% in 2016-17
Essar Shipping (ESL) on Wednesday reported a strong operational performance in its cargo handling services during 2016-17. The company's cargo handling services during the period under review grew by 22 per cent and fleet capacity utilization surged to 94 percent from 80 percent reported for 2015-16. "Our strategy to have an ideal mix of captive and market cargo has ensured better utilization of vessels in FY17," said Ranjit Singh, Executive Director and Chief Executive, ESL. "The stronger Baltic Dry Index, coupled with increased activity and capacity utilization at Essar Steel, has also made a positive impact on our top lines." Currently, the company operates a diversified fleet of 14 vessels.