G E Shipping to Acquire Tanker

 

The Great Eastern Shipping Company Limited (G E Shipping) signed a contract to buy a Medium Range Product Tanker of about 48,000 dwt. The 2005 Japanese built vessel, to be renamed “Jag Padma”, is expected to join the Company’s fleet by January 2016.

EArlier the company had announced its results for the third quarter. It reported that its net profit rose 85.19% to Rs 382.67 crore in the quarter ended September 2015 as against Rs 206.64 crore during the previous quarter ended September 2014. Sales rose 20.23% to Rs 1026.89 crore in the quarter ended September 2015 as against Rs 854.08 crore during the previous quarter ended September 2014.

The Company’s current fleet stands at 30 vessels, comprising 21 tankers (8 crude carriers, 12 product tankers, 1 LPG carrier) and 9 dry bulk carriers (4 Kamsarmax, 5 Supramax) with an average age of 9.6 years aggregating 2.36 mn dwt. The orderbook comprises 3 dry bulk carriers and 1 product tanker.