G E Shipping gains on contract to buy secondhand gas carrier

Great Eastern Shipping Company (G E Shipping) rose 1.54% to Rs 305.90 after the company signed a contract to buy a secondhand midsize gas carrier of about 35,188 cubic metre (cbm).

The 2006 Korean built vessel is expected to join the company's fleet in Q1 FY 2021-22. The company's current fleet stands at 45 vessels, comprising 32 tankers (9 crude carriers, 18 product tankers, 5 LPG carrier) and 13 dry bulk carriers with an average age of 11.86 years aggregating 3.64 million deadweight (dwt).

The company has previously contracted to buy a 2013 built Japanese Supramax Bulk Carrier which is expected to be delivered in Q1 FY 2021-22. The announcement was made on Saturday, 20 March 2021.

 

On a consolidated basis, the company's net profit dropped 46.7% to Rs 176.33 crore on 30.1% fall in net sales to Rs 753.24 crore in Q3 December 2020 over Q3 December 2019.

G E Shipping is India's largest private sector shipping service provider. The business operates under two main businesses: dry bulk carriers and tankers.

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