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GE Shipping gains on signing pact to buy second-hand VLGC vessel

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Great Eastern Shipping Co. rose 1.42% to Rs 267 after the company said it signed a contract to buy a secondhand very large gas carrier (VLGC) of about 77,922 cubic meter (cbm).

The 2002 Japanese built vessel is expected to join the company's fleet in Q3 FY21. The Great Eastern Shipping Company (GE Shipping)'s current fleet stands at 46 vessels, comprising 33 tankers (11 crude carriers, 17 product tankers, 5 LPG carrier) and 13 dry bulk carriers with an average age of 12.37 years aggregating 3.70 million dead weight ton (mn dwt). The company has already contracted to sell its 1996 built very large gas carrier Jag Vidhi which will be delivered to buyers in Q3 FY21. The announcement was made post trading hours yesterday, 14 September 2020.

On a consolidated basis, GE Shipping reported net profit of Rs 467.74 crore in Q1 June 2020 compared with net loss of Rs 53.96 crore in Q1 June 2019. Net sales rose 36.5% to Rs 1,068.37 crore in Q1 June 2020 over Q1 June 2019.

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

The stock grew 58.03% from its 52-week low of Rs 168.95 hit on 23 March 2020.

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

First Published: Tue, September 15 2020. 09:55 IST