NEW DELHI: Essar’s Cyprus arm has sold six ships to ArcelorMittal in a deal valued at $80 million, according to sources in the know.
The ships are owned by
Cyprus, an arm of Essar Global Fund, and are not part of Essar Shipping, the publicly traded company promoted by the Ruia family in India.
However, industry watchers believe the overseas deal between Essar and ArcelorMittal could be a precursor to a second deal that could involve the sale of some of Essar Shipping’s Indian ships to the steel major.
“Sale and purchase of ships is usual in the shipping industry and picks up momentum when there is upward trend in the Baltic dry index. It is a prudent decision to sell ships when the markets are good”, an Essar official said when contacted.
