Shares of The Great Eastern Shipping Company Limited surged more than 6 per cent on Thursday after the company announced the acquisition of a secondhand Kamsarmax dry bulk carrier to expand its fleet.
The stock climbed as much as 6.15 per cent to ₹1,437.9 during intraday trading, marking its biggest single-day gain since January 30. It later trimmed gains to trade 3.7 per cent higher at ₹1,405.9 per share, outperforming the benchmark Nifty 50, which was up 0.59 per cent at the time.
According to an exchange filing, GE Shipping has agreed to acquire a 2014 Japanese-built Kamsarmax dry bulk carrier with a capacity of about 81,094 deadweight tonnes (DWT). The vessel will be funded entirely through internal accruals and is expected to be delivered by the first quarter of FY27.
Following the acquisition, the company’s owned fleet will increase to 41 vessels, comprising 27 tankers and 14 dry bulk carriers, with a combined capacity of approximately 3.25 million DWT. The company also stated that its fleet utilisation is currently close to 100 per cent.
Separately, the company has contracted to sell its very large gas carrier Jag Vishnu, with the transaction expected to be completed in the fourth quarter of FY26.
Earlier in February, GE Shipping took delivery of the 2013 South Korean-built Medium Range tanker Jag Pranesh, with a capacity of about 51,565 DWT. The vessel was also financed entirely through internal accruals.
Shares of GE Shipping have risen for two consecutive sessions and are currently trading at over four times the average 30-day trading volume, according to Bloomberg. The stock has gained about 24 per cent so far this year, significantly outperforming the Nifty 50, which has declined around 6 per cent in the same period. The company’s market capitalisation currently stands at ₹20,667.9 crore.
In its latest financial results, GE Shipping reported a 36.9 per cent year-on-year increase in consolidated net profit to ₹812.52 crore for the third quarter of FY26, while net sales rose 17.6 per cent to ₹1,454.44 crore.
The company, along with its subsidiaries, remains one of India’s leading players in the shipping and offshore oil drilling services sector.
