Great Eastern Shipping to sell large cargo ship

India's largest private sector shipping firm Great Eastern Shipping Company Ltd. (GE Shipping) Monday said it has signed a contract to sell a 1996-built capesize dry bulk carrier Jag Arjun by this March-end.

"The vessel will be delivered to the buyers during the fourth quarter (January-March) of the current fiscal," the company said in a statement.

Capesize dry bulk carriers, the largest cargo ships plying in international waters, are mainly used to transport coal, ores and other commodity material.

The shipping company recently recorded a staggering 79 percent surge in its consolidated net profit for the period October-December 2014 at Rs.181.7 crore against Rs.101.5 crore a year ago during the same period.

Its subsidiary firm Greatship (India) Limited recently bought a 2015-built platform supply vessel to be used mainly to supply offshore oil platforms.

The company, which mainly transports liquid, gas and solid bulk products, has a fleet of 30 vessels comprising 21 tankers and nine dry bulk carriers with an average age of 10.6 years.