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 49,990 dwt on June 06, 2024. The 2013 built vessel is expected to join the Company's fleet by Q2 FY25.

The Company's current fleet stands at 43 vessels, comprising 29 tankers (6 crude carriers, 19 product tankers, 4 LPG carriers) and 14 dry bulk carriers aggregating 3.41 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 sell one MR product tanker in May 2024, which is due for delivery in H1FY25.

Post delivery of both the vessels, we will have 43 vessels aggregating 3.41 Mn dwt.

Shares of The Great Eastern Shipping Company Limited was last trading in BSE at Rs. 1068.95 as compared to the previous close of Rs. 1052.85. The total number of shares traded during the day was 55714 in over 3234 trades.

The stock hit an intraday high of Rs. 1082.00 and intraday low of 1049.95. The net turnover during the day was Rs. 59481986.00.

Source : Equity Bulls

Keywords

TheGreatEasternShippingCompany INE017A01032 GEShipping MediumRangeProductTanker