G E Shipping gains on taking delivery of a secondhand capesize bulk carrier

Great Eastern Shipping Company (G E Shipping) rose 2.15% to Rs 266.35 after the company took delivery of a secondhand capesize bulk carrier "Jag Alaia" of about 180,694 deadweight tonnage (dwt).

The company had contracted to buy the vessel in Q3 FY21. Including this vessel, the company's current fleet stands at 46 vessels, comprising 32 tankers (9 crude carriers, 18 product tankers, 5 LPG carrier) and 14 dry bulk carriers with an average age of 11.77 years aggregating 3.69 million deadweight tonnes (dwt). The company has contracted to sell its 2006 built Supramax Bulk carrier "Jag Roopa" which is expected to be delivered to the buyers in Q4 FY2020-21.

On a consolidated basis, the company's net profit dropped 46.7% to Rs 176.33 crore on 30.1% fall in net sales to Rs 753.24 crore in Q3 December 2020 over Q3 December 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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