1975 - The Company was Incorporated on 5th April, at Bangalore in
Karnataka State. The Company Operate fleet of crude
product oil tankers, off-shore supply vessels, diving
vessel and bulk carriers.
- The Company is a part of the Essar Group of Companies
the late Nand Kishore Ruia. The Group was engaged in
activities of which the shipping activities were
carried on by
Essar Bulk Carriers Ltd., a wholly owned subsidiary of
Investments Ltd. (EIL). Karnataka Shipping Corporation
incorporated on 5th April, 1975. It was promoted in
sector by the Karnataka Government.
- Pursuant to a Scheme of Amalgamation approved by the
at Bangalore and Chennai, Essar Bulk Carriers Ltd., was
with Karnataka Shipping Corporation with effect from 1st
1983. The name of KSCL was subsequently changed to
1984 - 161,39,630 No. of equity shares issued during 1983 without
payment in cash to members of Essar Bulk Carriers Ltd.
merger with the Company in prop. 5 equity shares of
Shipping for every equity share of Essar Shipping for
equity share of Essar Bulk Carriers Ltd. Pref. shares
1985 - The Company was considering diversification into
iron and steel, off-shore and on-shore construction,
of petroleum refineries, etc.
- The Company proposed to enter into the fields of
sponge iron, off-shore drilling for oil exploration and
gas resources, dredging operations for deepening ports,
etc. The Company proposed to participate to the extent
of Rs 15
crores in the equity capital of Essar Gujarat Ltd.,
setting up a sponge iron project.
- Necessary approvals were received for investment of Rs
crores in the Equity of Essar Gujarat Ltd., for the
hot briquetted sponge iron plant in Hazira, Gujarat.
- In August, the Company issued 50,00,000 No. of equity
Rs 10 each linked to 3,00,000 - 13.5% secured redeemable
non-convertible debentures of Rs 100 each, both at par.
issue, 2,50,000 No. of equity shares and 15,000
reserved for preferential allotment to employees of the
and 1,00,000 shares and 6,000 debentures for business
The remaining 46,50,000 shares and 2,79,000 debentures
offered to the public. Both preferential and public
fully taken up.
- These 13.5% debentures would be redeemed at a premium of
Rs 5 per
debenture on the expiry of 10 years from the date of
with an option to the Company to redeem the same at any
after seven years in one or more instalments.
1987 - With the addition of 8 ships, the Company owned and operated
product/crude oil carriers, 5 off-shore supply vessels,
multi-support vessels, 5 bulk carriers and 1 drill
- Approval in principle was received from the Government of
for acquisition of 12 vessels, 6 bulk carriers, 1
vessel, 1 chemical tanker, 1 product carrier, 1 drill
ship and 2
LPG Ammonia carriers.
- During February, the Company issued 17,50,000 - 13.5%
partly convertible debentures of Rs 225 each for Rs 39.38
out of which the following debentures were reserved for
- (i) 5,00,000 debentures to the existing shareholders of
Company other than Essar Investments Ltd. (all were taken
- (ii) 2,50,000 debentures to non-resident Indians on
basis (only 2,25,240 debentures taken up)
- (iii) 87,500 debentures to employees (including Indian
directors)/workers of the Company and associate companies
16,290 debentures taken up),
- (iv) 35,000 debentures to business associates of the
were taken up),
- (v) 2,22,000 debentures to UTI (all were taken up) and
- (vi) 22,220 debentures to General Insurance Corporation
(all were taken up).
- The balance 6,33,280 debentures, along with the
portion of 95,970 debentures out of the preferential
offered for public subscription during February 1987.
4,37,500 debentures for Rs 9.84 crores were allotted to
oversubscription (8,750 debentures to the business
the Company, 1,25,000 debentures to the shareholders of
Company and 3,03,750 debentures to the public).
- These debentures comprised a non-convertible part of Rs
75 and a
convertible portion of Rs 150. Rs 75 of the convertible
of Rs 150 was to be converted into five fully paid
of Rs 10 each at a premium of Rs 5 per share on the
expiry of six
months from the date of allotment and the remaining Rs
75 was to
be converted into five fully paid equity shares of Rs 10
a premium of Rs 5 per share on expiry of twelve months
date of allotment of debentures.
- The non-convertible portion of Rs 75 per debenture would
redeemed at par at the end of 7th year from the date of
of the debentures.
- 102,01,550 No. of equity shares issued (prem. Rs 5 per
15.10.1987 in conversion of debentures.
1989 - It was proposed to acquire modern vessels such as Afframax
tankers, LPG carriers, Product Tankers and Bulk
- The Company made an issue of 40,00,000 - 14% secured
non-convertible debentures of Rs 100 each on rights
basis to the
members and debentureholders of the Company.
- 1,12,68,950 No. of equity shares issued (prem. Rs 5 per
terms of the conversion of debentures.
- 2,51,100 No. of Equity shares issued (Pref. Rs 5 per
conversion of debentures, 8,50,000-14% cumulative
pref. shares issued to financial institutions
1990 - Six mini bulk carriers and a product tanker were added to its
fleet. The Company proposed to undertake the third
envisaging acquisition of bulk carriers, tankers and
- The Company issued 15,00,000-14% secured redeemable
non-convertible debentures of Rs 100 each to financial
institutions on private placement basis.
1991 - Two Suezmax tankers of 1,40,000 DWT each and three mini bulk
carriers were added to its fleet as a part of the third
its expansion programme.
- During July, the Company made an open offer to the
shareholders of South India Shipping Corporation, Ltd.
for acquisition of an aggregate minimum of 1,20,000 No.
shares of Rs 100 each of SISCO, representing 20% of the
voting capital of SISCO in the proportion of 50 equity
Rs 10 each fully paid-up of the Company and Rs 65 in
every one equity share of Rs 100 each held in SISCO.
- 16,800 No. of equity shares issued (prem. Rs 5 per share)
conversion of debs. 39,40,550 equity shares allotted
shareholders of SISCO pursuant to open offer made by the
1993 - In addition to the few suezmax tankers, the company also added
tugs, 44 barges and 1 mini bulk carrier for meeting the
increasing cargo transportation requirement of Essar
for its steel plant at Hazira.
- The Company issued 2,51,86,190-16% partly convertible
of Rs 70 each at par with a detachable warrant attached
basis in the proportion of one debenture: 2 equity
Another 1,30,000-16% partly convertible debentures of Rs
were offered to the employees.
- Part A of Rs 20 of each debentures will be compulsorily
into one equity share of Rs 10 each at a premium of Rs 10
share on the expiry of six months from the date of
- Each detachable warrant attached to Part B of Rs 50 of
debenture will entitle the holder to one equity share of
Rs 10 at
a premium of Rs 40 and will be called up at anytime
June 1993 and 30th June, 1994, as may be decided by the
Part B of Rs 50 of each debenture if not converted into
will be redeemed at par in three instalments of Rs 20, Rs
15 on the expiry of 6th, 7th and 8th year respectively
date of allotment of the debentures.
- The Company obtained the approval from Government of India
the insurance of Equity to foreign investors in the form
for USD 172.50 million including retention of Greenshoe
- 9,000 shares issued on conversion of debs. 2,51,98,729
issued on conversion of 16% PCD converted on 18th Dec.
11,49,350 shares allotted on 23rd Nov. 1994 to SCICI Ltd.
terms of loan agreement, 200,00,000 shares at a prem. of
per share to NRIs on private placement basis.
1994 - The Company proposed to acquire modern large sized vessels as
when market condition showed favourable trends for
- The Company entered into a joint venture agreement with
Shipping Corporation Ltd., Chennai to form a joint
company under the name and style of Essar Chennai
Ltd. at Tamilnadu to cater to the coal transportation
requirements of Tamilnadu Electricity Board to meet
increasing demand of its thermal power station.
- As per the agreement, Essar Group would be holding 51%
share capital of Essar Chennai Shipping Co. Ltd.
- The State Bank of India has the right to acquire,
conversion, fully paid-up equity shares of the Company
to 100% or any part of the outstanding loan amounts,
at par, the
option being exercisable on one or more occasions at
during the currency of the loans under the SAFAUN
of by the Company.
- 23,03,900 shares of Rs 5 per share were allotted on
interest with conversion option on NCD-13.5%
debentures in 1987.
- On 26th December, the Company allotted 248,28,377 No. of
shares of Rs 10 each on rights basis at a premium of Rs
share in the ratio of 1:4.
1995 - The Approval in principle was received from the Government of
India for acquisition of three shallow draft bulk
43-45, one DWT each by way of new building. Also,
was sought from Tamil Nadu Electricity Board for a long
contract of affreightment for bulk carriers.
- 12,200 No. of equity shares allotted as on conversion
remaining portion of warrants.
1996 - The Company operated its fleet of bulkers, tankers and OSVs
13,102 days as compared to 10,210 days in the previous
bulk carrier freight rates witnessed considerable fall.
- The Company proposes to set up a petro port project at
- 481,44,480 No. of equity shares issued to erstwhile South
Shipping Corpn. Ltd. pursuant to the scheme of
1997 - The Company operated its fleet of bulkers, tankers, and OSVs,
with 98% efficiency for 3931 days as against 4004
- The two shipping companies in the Essar group - Essar
and South India Shipping Corporation (Sisco) - are being
into one entity.
- Essar Shipping Ltd. proposes to diversify into port
and related areas.
- Essar Shipping has tied up a Rs.763.20 crore (2
syndicated foreign currency loan through the Bank of
Scotia, in order to retire the company's existing
currency and rupee term borrowings.
- Essar Shipping has a diversified fleet of 22 ships,
has a fleet strength of 11 ships. The company's fleet
six modern double hull bottom Suezmax oil tankers, an
carrier, and oil carriers, four product carriers, four
vessels, seven bulk carriers, and 11 mini-bulk
1998 - The company proposes to set up a petro-port terminal project
Vadinar, Jamnagar, Gujarat for the receipt, handling,
and dispatch of crude oil and petroleum products.
- The second largest shipping company in India, Essar
Ltd, mortgaged its vessels to raise a $ 191 million term
facility to refinance the company's existing banking
- Essar Shipping Ltd, signed a 1 mn loan deal with the
Nova Scotia Asia Ltd., the largest-ever for the Indian
industry. The loan facility will help refinance Essar
Shipping's existing banking facilities.
- Essar Shipping has a low debt equity ratio of 0.63:1 and
current ratio at 4.70:1. Essar Shipping has eight bulk
carriers, 11 mini bulk carriers, 6 crude carriers and
product tankers and three offshore supply vessels.
- ESSAR Shipping Limited is setting up a port and
project adjacent to the petroleum refinery being set by
Oil Limited at Vadinar in Gujarat.
- The Rs 800-crore Essar Shipping is expanding its fleet
acquiring very large crude carriers (VLCCs). It may opt
acquire vessels through the bare-boat-cum-demise (BBCD)
so as to minimise financial burden on the company.
- ESL was also the first Indian shipping company to get
International Safety Management (ISM) Code
Lloyds Register of Shipping, for its entire fleet of
carriers and tankers as early as 1995. The company has
ISO 9002 certification.
1999 - The Credit Rating Information Services India Ltd (Crisil) on
Thursday downgraded the Rs 126-crore non-convertable
(NCD) of Essar Shipping, a fortnight before the date of
of the principal amount of the issue. The NCD has been
downgraded from `BBB+' to `C'.
- Essar Shipping has a Rs 1,435-crore port facility under
construction at Vadinar for its refinery at Jamnagar.
includes a state-of-the-art Single Buoy Mooring (SBM)
a POL handling terminal, pipelines, and road and rail
The port has a capacity to handle 20 million tonnes of
and 14 million tonnes of petro products.
- ESL has one of the largest and youngest fleet of Suezmax
in the world with an average age of eight years, part of
was provided as security for the loan.
- ESL is the second-largest Indian private sector shipping
with a fleet of 1.39 million DWT. As the owners of
double-hull modern Suezmax tankers, Essar is one of the
owners and operators of crude tankers in the world.
2000 - The Company has decided to hive off the Vadinar Port terminal
into a separate subsidiary.
- Essar Shipping has roped in the .3-billion Malaysia
Shipping Corp to float a 50:50 joint venture company for
natural gas transportation.
- Essar Shipping Ltd. and MISC through the joint venture
company will focus
of providing sea transportation for import of LNG into
- Crisil has downgraded its rating assigned to company's
NCDs from C to D.
- Essar Shipping has appointed Sanjay Mehta as Managing
Director and Rajiv Agarwal
as chief financial officer.
- The Compay has acquired a Capesize bulk carrier of
1,37,000 DWT and eleven Mini
Bulk Carriers. The Mini Bulk Carriers were with the
company on Bare Boat Cum Demise
-Board agrees to issue 20crs equity shares to promoters on
preferential basis and increase its stake from 48% to 74%.
-Converts loans from Essar Investments into equity capital and has
increased the holdings of Ruia's in Essar Shipping.
-Transfers 4.22% stake in Essar Oil and 4.5% stake in Essar Steel to
its subsidiary, Essar Sisco Ship management.
-Losses Rs.330 crs on account of its investments in two of its group
companies, Essar Steel and Essar Oil.
-Debt Recovery Tribunal issues notice for the default of Rs.17.89 cr
on the application field by IndusInd Bank.
-Prepays Rs.1360 million ICICI bank loan.
-Corporate Debt Restructuring Cell approves for the Debt
restructuring of Vedinar Oil Terminal Ltd, a 100% subsidiary of Essar
-Members approve for the delisting of the company's equity shares
from all stock exchange except Mumbai Stock Exchange.
-In EGM on Sept 19, Board approves the following:
Increase the authorised share capital from Rs.5105m to Rs. 15105m
Issue any financial instruments to ABB Lummus, members, promoters,
strategic investors etc.
-Wins the 'Most Quality Conscious Indian Shipping Company' award from
the National Maritime Day Celebrations Committee.
-The Indian Coast Guard Ship (CGS) Vijaya was awarded the first
National Maritime Search and Rescue Award 2003 instituted by Essar
-Essar partly insures newly acquired foreign crude carrier
-Essar Shipping acquires VLCC for Rs 550 cr
-Essar Shipping & Logistics orders six Mini Cape Bulk Carriers at a
cost of USD 390 million
- Essar Shipping Ports & Logistics Ltd has informed that the Board of
Directors of the Company at its meeting held on October 31, 2008,
inter alia, has approved the appointment of Mr. S V Venkatesan & Mr.
Deepak Kumar Varma, as an Independent Directors of the Company.
-Company name has been changed from Essar Shipping Ltd to Essar
Shipping Ports & Logistics Ltd.
-Registered Office of the Company has been shifted From 2494, 17th
Main, HAL II Stage, Bangalore 560008 To Administrative Building,
Essar Refinery Complex, Okha Highway (SH-25), Taluka Khambalia, Dist.
Jamnagar-361305, Gujarat State.
-Essar signs concession agreement with Paradip Port Trust for the
development of Deep Draught Coal Berth.
- Essar Shipping - Commissioning of a Product Berth by Vadinar Ports
& Terminals Ltd.
- Essar Ship Ports - Winning of first contract outside India by EOSL
for deployment of Semi-Submersible Rip Essar Wildcat.
- Essar shipping arm starts operations at Hazira.
- Essar Group appoints V Ashok as CFO.
- Essar Shipping Ports & Logistics Ltd has informed BSE that the
Company on February 23, 2010 has taken delivery of a 1990 Japan
built, 151,418 dwt Capesize Dry Bulk Carrier.
- The Registrar of Companies, Gujarat, Dadra and Nagar Havelli, has
sanctioned the change of name of the Company from Essar Shipping
Ports & Logistics Limited to Essar Ports Limited.
-Company has changed its name from Essar Shipping Ports & Logistics
Ltd. to Essar Ports Ltd.
- The Board has recommended declaration of dividend at the rate of
Rs. 0.50 per share.
- Essar Ports - Essar Ports announces strategic alliance with Port of
- Essar Ports form strategic alliance with Port of Antwerp
International for technical assistance.
- Essar Ports - Essar's Paradip Coal Berth receives final
Environmental and Forest approval.