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Charter rates touch new lows

Charter rates touch new lows
Essar Shipping Ports & Logistics (ESPLL) reported a 96% drop in net profit in the September quarter as charter rates touched new lows due to overcapacity in the sector.

Essar Shipping Ports & Logistics (ESPLL) reported a 96% drop in net profit in the September quarter as charter rates touched new lows due to overcapacity in the sector.

Essar Shipping Ports & Logistics (ESPLL) reported a 96% drop in net profit in the September quarter as charter rates touched new lows due to overcapacity in the sector. The net profit of Rs 2.3 crore was on the back of Rs 671.4-crore consolidated revenue, largely contributed by the oilfields services business.

While ESPLL"s total revenue was down 4.5% year-on-year, earnings from fleet operations and chartering decreased 46% to Rs 251 crore. ?There has been a drop in the earnings as well as the EBITDA of the sea transportation business due to reduced earnings in the crude oil segment, in chartering of vessels at lower spot rates as well as deferment of cargos by certain clients,? it said in a statement.

The oilfields services division brought in a net revenue of Rs 135 crore during Q2FY10.

The cargo handled by the ports and terminals business was 7.62 mmt during the quarter as compared to 7.23 mmt in the corresponding period of the previous year.

The company"s cash profit moved up from Rs 38 crore to Rs 112 crore. ?ESPLL has consolidated its operations and is generating consistent cash flows across all businesses. Going ahead, we expect to build on our inherent strengths and core competence to steer the company towards growth during the current financial year,? ESPLL MD Sanjay Mehta said.

On a standalone basis, ESPLL posted a net loss of Rs 32.6 crore while net revenues were down 44% to Rs 193 crore. ESPLL scrip closed at Rs 60.05 on Friday, down 3.8% on BSE.

The company has tied up debt for Essar Bulk Terminal (Salaya), which will set up a 20-million-tonne port facility at Salaya in Gujarat. This would include an integrated terminal facility capable of handling coal and pet coke used in power generation plants. The group also expects to tie up funds for Vadinar Ports and Terminals by November.

www.TurkishMaritime.com.tr

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