India’s leading private shipping company The Great Eastern Shipping Company Limited (GE Shipping) has announced plans to divest its 2003-built medium-range (MR) tanker Jag Pankhi, as part of its ongoing fleet optimisation strategy.
The vessel, which has been in service for over two decades, is being sold in line with the company’s approach of phasing out older tonnage and maintaining a modern, fuel-efficient fleet. Financial details of the transaction were not disclosed.
Industry analysts note that the sale aligns with broader trends in the global tanker market, where operators are increasingly offloading ageing vessels to improve operational efficiency, reduce maintenance costs, and comply with evolving environmental regulations.
The proceeds from the sale are expected to support GE Shipping’s capital allocation plans, including potential investments in newer vessels and debt reduction. The company has been actively recalibrating its fleet mix to adapt to changing market conditions and regulatory requirements.
Market participants also point out that demand for second-hand tankers remains steady in certain segments, particularly in regions where older vessels continue to find trading opportunities.
With this move, GE Shipping reinforces its focus on fleet renewal and long-term sustainability, positioning itself to remain competitive in the dynamic global shipping landscape.