Essar Shipping Limited (ESL) recorded a Total Income of Rs 245.48 crore for the quarter ended September 30, 2007, as against Rs 300.16 crore in the corresponding quarter of the previous year. Net Profit for the period under review is higher by 6% at Rs 16.20 crore (Rs 15.28 crore) after providing for Interest at Rs 21.64 crore (Rs 23.14 crore), Depreciation at Rs 25.27 crore (Rs 24.57 crore), and Tax at Rs 2.80 crore (Rs 2.67 crore).

Total Income for the six months ended September 30, 2007, stood at Rs 518.58 crore as compared to Rs 579.05 crore in the corresponding period of the previous year.

The Company registered a growth of 67.17% in Net Profit after Tax at Rs 87.35 crore for the six months ended September 30, 2007, as against Rs 52.25 crore in the corresponding period of the previous year.

Freight rates in the tanker segment remained low during the quarter due to oversupply of tonnage and high crude prices. One of the Company’s cape-size vessels was under dry dock during the quarter.

The Company sold one product tanker during the quarter; one Handymax dry bulk carrier was also sold in October 2007.

The above results were taken on record at the meeting of the Board of Directors held on October 31, 2007.

About Essar Shipping
Essar Shipping is a leading sea transportation company focused on transportation solutions for the global energy business. A strong management team of experienced marine professionals steers the company, maintaining intense customer focus, world-class operations, an impressive safety record and consistent financial performance. The Company owns a modern fleet of 27 vessels, including VLCCs and Suezmax Tankers, Dry Bulk Carriers, Product Tankers, Mini Bulk Carriers, Tugs and Barges. The Company has long-standing relationships with global oil majors like Shell, Exxon Mobil, Chevron BP Aramco and Texaco. It is ISO 9001:2000 and ISO 14001 certified and has been recognised as the “Safest Indian Shipping Company” by DG Shipping, India, in 2004.

About Essar Global
Essar Global Limited (EGL) is a diversified business group straddling the manufacturing and services sectors of Steel, Energy, Power, Communication, Shipping & Logistics, and Construction. EGL, through its six sectoral holding companies, has an enterprise value of over USD 20 billion (INR 80,000 crores) and employs 20,000 people worldwide. The Company has operations and investments in India, Canada, USA, Africa, the Middle East, the Caribbean and South East Asia.

Unaudited Financial Results for the Quarter Ended 30th September 2007