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MUMBAI: Essar Shipping Ltd has recorded a 191 per cent increase in net profit during the third quarter of the current fiscal to touch Rs 107.24 crore as against Rs 36.84 crore for the corresponding quarter of last fiscal.

The company's operating revenue was Rs 196.77 crore for the quarter, against Rs 147.80 crore in the third quarter of last fiscal, registering a 33 per cent increase.

A company press release said the tanker freight rates touched "all-time peaks" during the quarter, the main drivers being the growth in Chinese oil consumption, increased crude oil prices, increased crude production by OPEC and shutdown of the nuclear power plants in Japan.

In the bulk carrier segment, the freight rates were steady during the beginning of the quarter, with a little upward movement during the first two months and a sudden dip by the end of December.

The Baltic Dry Index, which was 4,105 during the beginning of the quarter, touched 6,100 in the beginning of December and closed at 4,598 by the end of the quarter. —

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