GE Shipping gains after taking delivery of vessel

Great Eastern Shipping Company rose 0.92% to Rs 384.50 at 10:11 IST on BSE after the company said it took delivery of secondhand medium gas carrier.

The announcement was made after market hours yesterday, 25 September 2017.

Meanwhile, the S&P BSE Sensex was down 75.11 points, or 0.24% to 31,551.52.

On the BSE, 1,454 shares were traded in the counter so far, compared with average daily volumes of 18,000 shares in the past one quarter. The stock had hit a high of Rs 388.80 and a low of Rs 382 so far during the day.

The Great Eastern Shipping Company (GE Shipping) took delivery of a secondhand medium gas carrier "Jag Vijaya" (1997 Built) of about 35,420 cubic metres (cbm). The company had contracted to buy the vessel in September 2017.

The company's current fleet stands at 47 vessels, comprising 31 tankers (12 crude carriers, 16 product tankers, 3 LPG carrier) and 16 dry bulk carriers (1 Capesize, 8 Kamsarmax, 7 Supramax) with an average age of 9.98 years aggregating 3.83 million deadweight tonnage (dwt). Additionally, the company has committed to purchase 1 secondhand Large Range 2 (LR2) product carrier.

On a consolidated basis, net profit of GE Shipping declined 58.21% to Rs 103.56 crore on 8.67% decline in net sales to Rs 729.82 crore in Q1 June 2017 over Q1 June 2016.

GE Shipping has two main business: shipping and offshore. The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities. The offshore business services to the oil companies in carrying out offshore exploration and production activities, through its subsidiary Greatship (India).

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