GE Shipping Expands Fleet with Medium-Range Product Tanker Acquisition

On June 7, 2024, The Great Eastern Shipping Company Limited (GE Shipping) announced its acquisition of a medium-range (MR) product tanker weighing approximately 49,990 deadweight tons (dwt). The agreement, finalised on June 6, 2024, involves a vessel built in 2013, set to integrate into the company’s fleet during the second quarter of the fiscal year 2024-25.

Currently, GE Shipping operates a fleet of 43 vessels, comprising 29 tankers, including 6 crude carriers, 19 product tankers, and 4 LPG carriers and 14 dry bulk carriers, totalling 3.41 million dwt. With a nearly full capacity utilisation rate, the addition of the newly acquired tanker aims to enhance fleet modernisation and expansion.

Financing for the procurement will be entirely sourced from internal accruals, emphasising the company’s financial robustness.

Earlier this year, in May 2024, the company completed the delivery of its 2004-built Medium Range Product Tanker Jag Pahel to the buyers, as per the contract finalised in April 2024. Furthermore, a contract for selling one MR product tanker, scheduled for delivery in the first half of fiscal year 2024-25, was secured. Excluding Jag Pahel, the company’s fleet stands at 43 vessels.

In May 2024, the company also finalised the sale of its 2004-built Medium Range Product Tanker, Jag Pranam, weighing approximately 48,700 deadweight tons (dwt), to an unaffiliated third party. The transaction concluded on May 15, 2024, and they stated that they would see the vessel delivered to the new owner by the first half of the fiscal year 2024-25.

The strategic move aligns with GE Shipping’s commitment to bolstering its maritime assets, ensuring operational efficiency, and meeting evolving industry demands.

About The Great Eastern Shipping Company Limited

The Great Eastern Shipping Company Ltd and its subsidiaries are one of the major players in the Indian shipping and Oil drilling services industry.

On June 7, 2024, the share price of The Great Eastern Shipping Company Ltd opened at ₹1,076.00, touching the day’s high at ₹1,101.90, as of 10:52 AM on the NSE.

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