Essar Shipping Limited (ESL) has informed the Bombay Stock Exchange on 29th October 2004 that it has prepaid Rs. 407 cr. External Commercial Borrowings (ECB) to GE Commercial Finance U.S.A. seven years before the final maturity, by refinancing.

As part of its continuous efforts to reduce interest costs, ESL on account of this refinancing, is expected to save US $ 3 Million annually on account of lower interest costs. The Debt Equity as at 30th September 2004 is at a comfortable 0.70:1.

ESL, is the world's leading integrated sea logistics company and market leader in providing optimal integrated sea logistics solutions through a diversified fleet of vessels, storage facilities and supply chain management services. The company has a fleet of 30 vessels including Very Large Crude Carrier, Suezmax Tankers, Bulk Carriers, Product Tankers, Mini Bulk carriers and Tugs.

ESL is part of the Essar Group which has invested in assets of over Rs. 20,000 crore in infrastructure and service areas such as steel, power, oil & gas, shipping, telecom and constructions.