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G E Shipping takes delivery of secondhand long range 2 product carrier

Capital Market 

The company had contracted to buy the vessel in Q3 FY21.

The Great Eastern Shipping Company (G E Shipping) took delivery of a secondhand LR2 product carrier Jag Lara of about 105,258 deadweight tonnage (dwt).

Including this vessel, the company's current fleet stands at 47 vessels, comprising 34 tankers (11 crude carriers, 18 product tankers, 5 LPG carrier) and 13 dry bulk carriers with an average age of 12.48 years aggregating 3.80 million dwt.

The company has also contracted to buy a capesize bulk carrier which is expected to be delivered in H2FY21.

On a consolidated basis, G E Shipping reported a net profit of Rs 225.44 crore in Q2 September 2020 compared with a net loss of Rs 18.93 crore in Q2 September 2019. Net sales fell 5.2% to Rs 774.99 crore in Q2 September 2020 over Q2 September 2019.

Shares of G E Shipping were down 1.20% at Rs 247.

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

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, November 19 2020. 15:17 IST