MUMBAI: Shares of Essar Shipping and Logistic Ltd on Thursday hit the upper circuit after an increase in freight rates of very large crude carriers.
The hike in ocean freight rates will benefit Shipping Corporation of India and Essar Shipping, as they are the only Indian companies who own and operate VLCCs, media reports said.
The increase in rates comes after a continuous downtrend in the freight tanker market since the middle of this year. Rates in the VLCC market soared after oil firms scrambled to hire ships before the holiday season started, leading to a shortage of ships, LiveMint reported.
The hike in ocean freight rates will benefit Shipping Corporation of India and Essar Shipping, as they are the only Indian companies who own and operate VLCCs, media reports said.
The increase in rates comes after a continuous downtrend in the freight tanker market since the middle of this year. Rates in the VLCC market soared after oil firms scrambled to hire ships before the holiday season started, leading to a shortage of ships, LiveMint reported.
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