Bulker and VLCC owner Essar Shipping has reduced its third-quarter loss despite shrinking revenue.
The Indian company said the net deficit to 31 December was INR 142m ($2m), compared to INR 285m a year ago.
Revenue dipped to INR 1.14bn from INR 1.79bn, but costs fell more quickly, at INR 1.28bn versus INR 2.07bn in 2017.
The company also announced that Ketan Shah is replacing Sandeep Akolkar as CFO.
