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Essar Shipping narrows third quarter loss

Essar Shipping narrows third quarter loss
Mumbai-headquartered Essar Shipping has narrowed its loss for the third quarter ended 31 December 2015 compared to the year-ago level.

The quarterly loss was recorded at INR1.1bn ($16.1m) compared to the slightly bigger deficit of INR1.15bn in the same period of 2014, the tanker and bulker shipowner announced.

The reduced loss was aided by higher revenue during the quarter at INR1.84bn, up from INR1.73bn seen in the previous corresponding period.