G E Shipping inks deal to acquire medium range product tanker

Great Eastern Shipping Company said that it has contracted to buy a Medium Range product tanker of about 49,999 deadweight tonnage.

The companys current fleet stands at 42 vessels, comprising 28 tankers (6 crude carriers, 18 product tankers, 4 LPG carriers) and 14 dry bulk carriers aggregating 3.36 million deadweight tonnage. The companys current capacity utilization is close to 100%.

The proposed ship will be financed entirely from internal accruals. The purpose of the acquisition is modernization and expansion of the fleet.

"The 2010-built vessel is expected to join the companys fleet by Q1 FY25. Post delivery of the vessel, we will have 43 vessels aggregating 3.41 million deadweight tonnage, G E Shipping further informed.

 

Great Eastern Shipping Company (GE Ship) is India's largest private sector shipping service provider. The company operates in two main businesses: dry bulk carriers and tankers.

The company's consolidated net profit declined 14.19% to Rs 538.17 crore on a 12.38% fall in revenue to Rs 1,245.12 crore in Q2 FY24 over Q2 FY23.

The scrip rose 0.45% to currently trade at Rs 939.70 on the BSE.

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