The board of Essar Shipping Ltd approved an enabling resolution on Monday on sale of older vessels of the company, a move mainly aimed at dealing with a couple of global shipping regulations that will have an impact on older ships.
“The enabling resolution will help us start working on renovation of the fleet — getting out of older tonnage and gradually look at inducting slightly younger tonnage,” Essar Shipping Executive Director and CEO Ranjit Singh told BusinessLine.
“We have one capesize ship which is around 23 years old. We are currently working on that one. Down the line, with new regulations coming in, these will have an impact on older tonnage. We will have to start looking at all these things,” Singh added.