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G E Shipping contracts to buy secondhand bulk carrier

Great Eastern Shipping Company (G E Shipping) has signed a contract to buy a secondhand Supramax Bulk Carrier of about 56,103 deadweight tonnage (dwt).

The 2013 Japanese built vessel is expected to join the company’s fleet in Q1 FY22.

Excluding this vessel, the company’s current fleet stands at 46 vessels, comprising 32 tankers (9 crude carriers, 18 product tankers, 5 LPG carrier) and 14 dry bulk carriers with an average age of 11.77 years aggregating 3.69 million dwt.

The company has contracted to sell its 2006 built Supramax Bulk Carrier “Jag Roopa” which is expected to be delivered to the buyers in Q4 FY21. The announcement was made after market hours yesterday, 3 March 2021.

On a consolidated basis, the company’s net profit dropped 46.7% to Rs 176.33 crore on 30.1% fall in net sales to Rs 753.24 crore in Q3 December 2020 over Q3 December 2019.

Shares of Great Eastern Shipping Company (G E Shipping) fell 1.51% to Rs 321.80 on BSE. G E Shipping is India’s largest private sector shipping service provider. The business operates under two main businesses: dry bulk carriers and tankers.
Source: Capital Market

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