Great Eastern Shipping commits USD 120 mn capex by 2018

India's largest private shipliner Great Eastern Shipping, which owns a fleet of 31 vessels, has committed USD 120 million capex by 2018.
The company with a considerable presence in the international maritime industry has already invested USD 38 million of the planned USD 120 million capital expenditure.
The shipping firm has committed a capital expenditure of USD 20 million for the next fiscal and USD 62 million for 2017-18, GE Shipping said in an investor presentation.
The company which saw its bottomline surge by 51 per cent to Rs 275 crore on the back of higher income during the December quarter, will take delivery of a medium range product tanker in the current quarter of the fiscal.

Besides, the company will take delivery of three dry bulk carriers from Jiangsu New Yangzi Shipbuilding company of China by 2018.
This will take the total number of fleet to 35.

The company's fleet at present has 8 crude carriers with average age of 13 years, 13 product carriers with average age of 9.5 years and 9 bulk carriers with average age of 6.5 years.
The company's total income from operations had risen to Rs 947.74 crore on a consolidated basis during the December quarter compared with Rs 877.81 crore in the year-ago period.
Earlier this month, it also decided to voluntarily strike off the name of its subsidiary GESCO London from the Companies Register in the UK.

This implies that the GESCO London would be shut down. The entity would cease to exist officially once its name is struck off from the Register.The process is expected to be completed by the end of this year.
Currently, the entity does not conduct any business activities.
GE Shipping is India's largest private sector shipping service provider enjoying a formidable presence in the international maritime industry.
The company said a sizeable part of the tankers enjoy approvals from oil giants like Shell, BP, Exxonmobil and Texaco, among others.