Great Eastern Shipping to expand fleet to 34

India's largest private shipliner Great Eastern Shipping Company Ltd (GE Shipping) today said it will acquire a Japanese built vessel this quarter to take the total tally to 34.
The company at present owns a fleet of 33 vessels.
"The GE Shipping signed a contract to buy a medium range product tanker of about 48,539 DWT," the company said in BSE filing.
The 2005 built vessel is expected to join the company's fleet in Q2 FY17.
The company said its current fleet stands at 33 vessels, comprising 23 tankers (7 crude carriers, 14 product tankers, 2 LPG carrier) and 10 dry bulk carriers.

The vessels have an average age of 9.97 years aggregating 2.48 million DWT.

The company has recently said it has committed USD 120 million capex by 2018 and already invested USD 38 million.
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.