GE Shipping shares advance 6% on move to expand fleet with Japanese vessel

Shares of Great Eastern Shipping Co. rose over 6 per cent on Thursday after it agreed to acquire a 2014-built Japanese Kamsarmax dry bulk carrier of 81,094 deadweight tonnage, funded through internal accruals. 

 

The company's stock rose as much as 6.15 per cent during the day to ₹1,437.9 per share, the biggest intraday gain since January 30 this year. The stock pared gains to trade 3.7 per cent higher at ₹1,405.9 apiece, compared to a 0.59 per cent advance in Nifty 50 as of 12:48 PM. 

 

Shares of the company rose for the second straight session and currently trade at 4.1 times the average 30-day trading volume, according to Bloomberg. The counter has risen 24 per cent this year, compared to a 6 per cent decline in the benchmark Nifty 50. Great Eastern Shipping Co has a total market capitalisation of ₹20,667.9 crore. 

GE Shipping to buy Kamsarmax dry bulk carrier

GE Shipping has agreed to acquire a secondhand Kamsarmax dry bulk carrier of about 81,094 deadweight tonnage, with delivery expected by the first quarter of FY27, according to an exchange filing. 

 

The 2014 Japanese-built vessel will be funded entirely through internal accruals and is aimed at expanding the company's fleet. Following the acquisition, GE Shipping's owned fleet stands at 41 vessels, including 27 tankers and 14 dry bulk carriers, with a total capacity of about 3.25 million deadweight tonnage. 

 

The company said its fleet utilisation is currently close to 100 per cent. Separately, the company has also contracted to sell the very large gas carrier 'Jag Vishnu', with the transaction expected to be completed in the fourth quarter of FY26.

 

Last month, it said that it took delivery of the 2013 South Korean-built Medium Range Tanker Jag Pranesh of about 51,565 dwt on 24 February 2026. The company had contracted to buy the vessel in Q3 FY26. This vessel is financed entirely from internal accruals. The company has contracted to sell one Very Large Gas Carrier Jag Vishnu. This sale transaction is expected to be completed in Q4 FY26.

 

GE Shipping, along with its subsidiaries, is a major player in India’s shipping and oil drilling services industry. The company reported a 36.9 per cent year-on-year jump in consolidated net profit to ₹812.52 crore, while net sales rose 17.6 per cent to ₹1,454.44 crore in the third quarter of FY26.