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Essar Shipping is currently trading at Rs. 9.88, up by 0.27 points or 2.81% from its previous closing of Rs. 9.61 on the BSE.

The scrip opened at Rs. 9.50 and has touched a high and low of Rs. 10.08 and Rs. 9.50 respectively. So far 34854 shares were traded on the counter.

The BSE group 'T' stock of face value Rs. 10 has touched a 52 week high of Rs. 16.15 on 04-Jan-2022 and a 52 week low of Rs. 7.26 on 22-Apr-2021.

Last one week high and low of the scrip stood at Rs. 10.35 and Rs. 9.50 respectively. The current market cap of the company is Rs. 197.87 crore.

The promoters holding in the company stood at 74.37%, while Institutions and Non-Institutions held 6.80% and 18.83% respectively.

Essar Shipping (ESL), in line with the approval granted by the Shareholders, has monetized its fleet of vessels. The proceeds of the vessels are being utilized to reduce the debt to its secured lenders. As the Baltic Dry Index hit a 10 year high in 2021, making it the most appropriate time in order to reduce its debt. With this monetization and upon satisfaction of other conditions, the company’s obligation to its lenders will reduce by approximately Rs 1,100 crore.

The Baltic Dry Index hit its decade high of 5,650 points in October 2021. Accordingly, it was felt that this was an appropriate time for Essar Shipping to monetize its vessels and fetch the best price in order to maximise valuation and reduce debt accordingly. With ESL achieving its task of monetization of assets to reduce its liabilities, the company is now looking at appropriate opportunities for a future business built up. The company’s experience of 40+ years in marine transportation and logistics will be a pillar of strength to chalk out future business strategy.

Essar Shipping is an integrated supply chain solution provider with investments in sea transportation and contract drilling services.