Great Eastern Shipping Company (G E Shipping) has contracted to sell its 2006 built Supramax Bulk Carrier, Jag Roopa of about 52,454 deadweight tonnage (dwt).
"The vessel will be delivered to the new buyers in H2 FY 2020-21," the company said in a statement during trading hours today, 14 December 2020.The company's current fleet stands at 47 vessels, comprising 34 tankers (11 crude carriers, 18 product tankers, 5 LPG carrier) and 13 dry bulk carriers with an average age of 12.48 years aggregating 3.80 million dwt. The company has contracted to buy a secondhand capesize bulk carrier which is expected to be delivered in H2 FY 2020-21. The company has also contracted to sell its two oldest Suezmax Crude Carriers Jag Lateef and Jag Laadki which are expected to be delivered to the buyers in H2 FY 2020-21.
Shares of G E Shipping were up 0.49% at Rs 285.65.
On a consolidated basis, G E Shipping reported a net profit of Rs 225.44 crore in Q2 September 2020 as compared with to a net loss of Rs 18.93 crore in Q2 September 2019. Net sales fell 5.2% to Rs 774.99 crore in Q2 September 2020 over Q2 September 2019.
G E Shipping is India's largest private sector shipping service provider. The shipping business operates under two main businesses: dry bulk carriers and tankers.
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