Company expenditure increased by over 14% in the October-December period, due to subdued crude oil freight rates and rising interest levels on the company’s $1bn debt. Essar reports that it is looking to refinance soon.
‘We expect to see some definitive progress in 30 to 45 days in terms of the couple of options which we are working,’ said director A R Ramakrishnan. ‘The shipping freight continues to be challenging especially for very large crude carriers, and that has affected the profits this quarter. Added to that, there is an overhang of tonnage oversupply that is challenging.’
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