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 product tanker of about 51,486 dwt on March 28, 2024. The 2013 built vessel is expected to join the Company's fleet by Q1 FY25.

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 3.36 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.

Additionally, we had contracted to buy a MR product tanker in February 2024, which is also due for delivery in Q1FY25.

Post delivery of both the vessels, we will have 44 vessels aggregating 3.46 mn dwt.

Shares of The Great Eastern Shipping Company Limited was last trading in BSE at Rs. 1000.15 as compared to the previous close of Rs. 995.65. The total number of shares traded during the day was 9313 in over 784 trades.

The stock hit an intraday high of Rs. 1019.55 and intraday low of 987.80. The net turnover during the day was Rs. 9314001.00.

Source : Equity Bulls

Keywords

TheGreatEasternShippingCompany INE017A01032 GEShipping Purchase MediumRangeProductTanker