Essar Cyprus arm sells 6 ships to ArcelorMittal for $80m SECTIONS Share Synopsis The ships are owned by Essar Shipping Cyprus, an arm of Essar Global Fund, and are not part of Essar Shipping, the publicly traded company promoted by the Ruia family in India. Agencies Industry watchers believe the overseas deal between Essar and ArcelorMittal could be a precursor to a second deal that could involve the sale of some of Essar Shipping’s Indian ships to the steel major. NEW DELHI: Essar's Cyprus arm has sold six ships to ArcelorMittal in a deal valued at $80 million, according to sources in the know.