G E Shipping contracts to buy a Medium Range product tanker

The Great Eastern Shipping Company Limited (G E Shipping) has contracted to buy a medium range (MR) product tanker of about 46,197 dwt on September 15, 2023. The 2008 built vessel is expected to join the Company's fleet in Q3 FY24.

The Company'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 3.33 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 expansion of the fleet.

Post delivery, The Company will have 43 vessels aggregating 3.38 mn dwt.

Shares of The Great Eastern Shipping Company Limited was last trading in BSE at Rs. 837.20 as compared to the previous close of Rs. 811.90. The total number of shares traded during the day was 22065 in over 1118 trades.

The stock hit an intraday high of Rs. 841.90 and intraday low of 812.25. The net turnover during the day was Rs. 18270751.00.

Source : Equity Bulls

Keywords

TheGreatEasternShippingCompany INE017A01032 GEShipping MediumRange ProductTanker