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Essar Shipping narrows Q3 losses

Essar Shipping narrows Q3 losses
India-based Essar Shipping managed to reduce its losses in the third quarter of this year even as revenues dropped.

Third quarter net loss at the shipping firm narrowed to INR112m ($1.82m) compared to a wider deficit of INR359.9m in the same period of last year.

Revenue for the quarter ended 30 September 2013 dropped 37.2% year-on-year to INR4.92bn. The company's shipping business during the quarter registered a turnover of INR2.55bn.

The reduction in revenue was mainly due to scale down of logistics services done through Essar Logistics, according to Mumbai-listed Essar Shipping.

“Shipping industry is still facing pressure on freight rates, though there is some increase in the capesize dry bulk sector. The tanker segment continues to be under pressure,” said Anoop Sharma, director and ceo sea transportation business of the group.

Essar Shipping owns a fleet of 38 ships including bulkers, general cargo vessels, tugs and one VLCC.

The group also has an oilfield services arm which is pursuing opportunities for deployment of various assets in international geographies to increase its asset utilisation, according to Ankur Gupta, ceo of the oilfield services business.