Essar Shipping Ltd — Capital/Financing Update 2022

Feb 9, 2022

Date : 9[th] February, 2022

The Manager Listing Department BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400 001 Fax: +91 22 2272 2082/3132 BSE Code: 533704

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Essar Shipping Limited Essar House 11 K.K.Marg Mahalaxmi Mumbai- 400 034

Corporate Identification Number L61200GJ2010PLC060285 T + 91 22 6660 1100 F + 91 22 2354 4312 www.essar.com

The Manager The Manager Bandra Kurla Complex Bandra Kurla Complex “Exchange Plaza” “Exchange Plaza” National Stock Exchange of India Limited National Stock Exchange of India Limited Listing Department Wholesale Debt Department Bandra (E) Bandra (E) Fax: +91 22 2659 8237/38 Fax: +91 22 2659 8237/38 Mumbai – 400 051 Mumbai – 400 051 NSE Code: ESSARSHPNG NSE Code: ESSARSHPNG

Sub: Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosures Requirements), Regulations, 2015

Dear Sir/Madam,

With respect to the above mentioned subject and in line with the Shareholders’ Approval granted, enclosed herewith is the Intimation for your kind perusal.

Kindly acknowledge the receipt and take the same on your record.

Thanking you, Yours faithfully, For Essar Shipping Limited NISHA Digitally signed by NISHA MANOJ MANOJ BARNWAL BARNWAL Date: 2022.02.09 19:16:21 +05'30' Nisha Barnwal Company Secretary & Compliance Officer ACS: 66804

Essar Shipping Limited

Registered Office: EBTSL Premises, ER-2 Building (Admn Bldg), Salaya, 44 KM, P.O. Box No.7, Taluka Khambalia, Devbhumi Dwarka,Gujarat-361305 T +91 2833 661444 F +91 2833661366

STEEL | ENERGY | INFRASTRUCTURE | SERVICES

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Essar Shipping Ltd. hereby intimates that, in line with the approval granted by the Shareholders, it has monetized its fleet of vessels. The proceeds of the vessels are being utilized to reduce the debt to its secured lenders. As the Baltic Dry Index hit a 10 year high in 2021, making it the most appropriate time in order to reduce its debt.

With this monetization and upon satisfaction of other conditions, Essar Shipping Ltd.’s obligation to its lenders will reduce by approx. Rs 1,100 cr.

The Baltic Dry Index hit its decade high of 5,650 points in October 2021. Accordingly, it was felt that this was an appropriate time for Essar Shipping to monetize its vessels and fetch the best price in order to maximise valuation and reduce debt accordingly.

With ESL achieving its task of monetisation of assets to reduce its liabilities, the company is now looking at appropriate opportunities for a future business built up. ESL’s experience of 40+ years in marine transportation and logistics will be a pillar of strength to chalk out future business strategy.