GE Shipping gains after making delivery of a bulk carrier

Great Eastern Shipping Company gained 1.62% to Rs 368 at 15:25 IST on BSE after the company made delivery of its 1996-built Capesize Dry Bulk Carrier Jag Arjun to the buyers yesterday, 26 February 2015.

The company made announcement during market hours today, 26 February 2015.

Meanwhile, the S&P BSE Sensex was up 484.98 points or 1.69% at 29,231.63.

On BSE, so far 10,986 shares were traded in the counter as against average daily volume of 3.22 lakh shares in the past quarter.

The stock of shipping firm hit a high of Rs 369 and a low of Rs 361.75 so far during the day. The stock had hit a 52-week high of Rs 467 on 16 September 2014.The stock had hit a 52-week low of Rs 301.25 on 3 March 2014.

Great Eastern Shipping Company had contracted to sell the ship with dead weight tonnage of 1,64,796 earlier this month. Subsequent to the delivery of the vessel, the company's fleet stands at 29 vessels, comprising 21 tankers (8 crude carries, 12 product tankers, 1 LPG carrier) and 8 dry bulk carriers (3 Kamasarmax, t Supramax) with an average age of 9.9 years aggregating 2.28 million dead weight tonnage (dwt). The current orderbook comprises 5 bulk carriers and 1 product tanker.

GE Shipping's consolidated net profit rose 79% to Rs 181.70 crore on 19.1% rise in total income to Rs 944.25 crore in Q3 December 2014 over Q3 Decemebr 2013.

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