Great Eastern Shipping Company announced that it has signed a contract to buy a medium-range (MR) product tanker of about 51,486 deadweight tonnage (dwt) on 28 March 2023. The 2013-built vessel is expected to join the company’s fleet by Q1 FY25.
GE Shipping’s 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 mn dwt. The company’s 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, stated the shipping firm in a filing.
Additionally, the company had contracted to buy an MR product tanker in February 2024, which is also due for delivery in Q1 FY25.
Post delivery, the company will have 44 vessels aggregating 3.46 mn dwt.
GE Shipping 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 14.2% to Rs 538.17 crore in Q3 FY24 as against Rs 627.20 crore posted in Q3 FY23. Net sales stood at Rs 1,245.12 crore in Q3 FY24, a decline 12.4% year on year.
The scrip settled 0.45% higher at Rs 1,000.15 on Thursday, 28 March 2024. The domestic market is closed today, on account of Good Friday