Essar Shipping's Tvisha & Tuhina boosts Indo-Bangladesh rice trade

Essar Shipping Ltd, part of Essar Global Fund Ltd's services and technology portfolio, today said two of its handysize vessels Tvisha and Tuhina weighing 13,000 DWT, have been_engaged in exports of rice from India to Bangladesh as per the recent bilateral - trade agreement signed between the two neighbouring countries.

As per the agreement, Bangladesh is set to buy 150,000 tonnes of rice from India. It would be first such bilateral deal in the last three years.

Speaking on this development Mr. Ranjit Singh, CEO, Essar Shipping said, "We are glad to extend our support and services to meet Bangladesh's rising demand for rice. With India's five years pulses import deal with Myanmar, we have bagged a shipment contract for these vessels which is to begin operations from 20th July. As new export deals are slated to be signed with the neighbouring nations in the coming months, our vessels will also be engaged in trade in - continuation within this region. Also as we witness the Covid wave cooling off across nations, we are hopeful to make the most of this opportunity and capitalise on this trade."

Both these vessels have been continuously employed in back to back business to export rice since March 2021.

India saw a surge in farm exports in FY21, a pandemic year. The surge was driven by recordhigh sales of rice-13.9 million tonnes of non-basmati and 4.6 million tonnes of basmati - and sales of 2.08 mt of wheat, a six-year high. In fact, growing demand for rice overseas is expected to be a big win for exporters of the commodity in India.

Bangladesh, the world's third-biggest rice producer with an output of almost 35 million tonnes a year, relies on imports from time to time to cope with shortages caused by natural disasters such as floods or drought.

Shares of ESSAR SHIPPING LTD. was last trading in BSE at Rs.11.28 as compared to the previous close of Rs. 11.3. The total number of shares traded during the day was 8193 in over 73 trades.

The stock hit an intraday high of Rs. 11.45 and intraday low of 10.8. The net turnover during the day was Rs. 91604.

Source : Equity Bulls

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