G E Shipping contracts to buy secondhand capesize bulk carrier

The 2014 Philippine-built vessel is expected to join the company’s fleet in the second half of the current fiscal ending March 2021 (H2 FY21).

The Great Eastern Shipping Company (G E Shipping) on 14 November 2020 announced that it signed a contract to buy a secondhand capesize bulk carrier.

The company’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 12.39 years aggregating 3.70 million dead-weight tonnage (dwt).

The company has also contracted to buy a secondhand LR2 tanker which will be delivered in Q3 FY21.

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.

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 fell 0.19% to Rs 240.05 on BSE in a special one-hour Muhurat trading session on Saturday (14 November 2020). The stock has risen 42% from its 52-week low of Rs 168.95 hit on 23 March 2020.