S Ravindran in Mumbai

It is the Iraq effect. Global crude tanker freights have fallen 40 per cent to 49 per cent in the last three months. Freight rates of very large crude carriers (VLCCs) have fallen nearly 50 per cent to $35,400 per day in June 2003 from about $70,000 per day in March.

India's shipping industry, particularly the big three companies -- Shipping Corporation of India, Great Eastern Shipping and Essar Shipping, have a huge exposure to the sector. India imports about 70 per cent of its crude requirement, while the balance 30 per cent is met from local resources ......
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