Mumbai, May 23 (IANS): The Ruia brothers-led Essar Shipping on Tuesday announced it has added a Panamax vessel of 74,005 deadweight tonnage (DWT) to its fleet of vessels.

"With this new induction, Essar Shipping now has a fleet of 14 vessels that include VLCCs (very large crude carriers), Capesizes, Mini-capes, Panamax, Supramaxes and handysize bulk carriers," the company said in a statement here.

With this addition, Essar Shipping's total DWT capacity now stands at 1.6 million and the firm's average fleet age has fallen to 12 years from the earlier 13.5 years, it added. 

This 2000-built Panamax bulk carrier, rechristened 'MV Mahavir', will be deployed for transporting pellets, coal and limestone from Essar Steel's pellet plant in Paradip to the steel plant in Hazira, the statement said. 

"Last month Essar Shipping de-commissioned MV Chandi Prasad, which sailed for 28 years, and MV Mahavir is a perfect replacement," the company said.

In the last fiscal ended March, Essar Shipping reported a 22 per cent growth in cargo handling, while its capacity utilisation grew to 94 per cent, from 80 per cent.