GE Shipping contracts to sell of two oldest Suezmax crude carriers

Great Eastern Shipping Company (GE Shipping) has contracted to sell its two oldest Suezmax crude carriers "Jag Lateef" and "Jag Laadki".

In a BSE filing made during market hours today, the company said that it had contracted to sell its 2000 built Suezmax Crude Carriers, Jag Lateef and Jag Laadki of about 147,080 deadweight tonnage (DWT) and about 150,284 DWT, respectively. "The vessels will be delivered to the new buyers in H2 FY 2020-21," it added.

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 also contracted to buy a second-hand capesize bulk carrier which is expected to be delivered in H2 FY 2020-21.

GE Shipping is India's largest private sector shipping service provider. The shipping business operates under two main businesses: dry bulk carriers and tankers.

On a consolidated basis, GE Shipping reported a net profit of Rs 225.44 crore in Q2 September 2020 compared with 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.

The scrip shed 0.88% to currently trade at Rs 248 on the BSE. It traded in the range of 247.30 and 253.00 so far during the day.

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