Great Eastern Shipping to Sell Suezmax Tanker, Fleet Adjustments Ahead

The Great Eastern Shipping Company Limited (G E Shipping) has agreed to sell its 2005-built Suezmax crude tanker, Jag Lalit, which has a deadweight tonnage of around 1,58,344. The sale to an unrelated buyer is set for September 13, 2024, with the delivery expected by the third quarter of FY25.

With this sale, G E Shipping’s fleet will consist of 43 vessels: 29 tankers (including 6 crude carriers, 19 product tankers, and 4 LPG carriers) and 14 dry bulk carriers (comprising 2 Capesize, 8 Kamsarmax, and 4 Supramax). The total fleet size is 3.41 million dwt.

The company also plans to sell an MR product tanker in July 2024 and a Supramax dry bulk carrier in August 2024, both of which will be delivered by Q3 FY25.

Financial Highlights

Great Eastern Shipping Company reported its Q4 results on May 10, 2024. The company’s revenue grew by 2.84% compared to the same quarter last year, while profit surged by 25.37% year-over-year. Compared to the previous quarter, revenue increased by 20.25%, and profit jumped by 68.18%.

Selling, general, and administrative expenses went up by 6.96% from the previous quarter and 18.86% from the previous year. Operating income rose by 59.56% compared to the last quarter but fell by 10.14% year-over-year. The earnings per share (EPS) for Q4 is ₹57.95, reflecting a 14.82% increase from the same quarter last year.

About Great Eastern Shipping Company Ltd

Great Eastern Shipping Company Ltd and its subsidiaries are prominent players in India’s shipping and oil drilling sectors. Established in 1948 with the acquisition of a Liberty ship, Great Eastern Shipping has grown to become India’s largest private sector shipping company. As of FY24, it operates a fleet of 43 ships and 23 offshore assets. The company’s shipping business transports crude oil, petroleum products, gas, and dry bulk commodities. Additionally, its offshore segment, managed through the wholly-owned subsidiary Greatship India Ltd, offers offshore oilfield services. This includes the operation of offshore supply vessels and mobile offshore drilling rigs.

On September 13, 2024, the share price of Great Eastern Shipping Company Ltd opened at ₹1,279.20, touching the day’s low at ₹1,256.15, as of 12:33 PM on the NSE.

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