GE Shipping to acquire second-hand gas carrier

MUMBAI | RAJKOT – In a regulatory filing submitted to the Exchanges in India, The Great Eastern Shipping Company Ltd said of having contracted to add secondhand gas carrier vessel to it existing fleet.

The Company has signed a contract to buy a secondhand Very Large Gas Carrier of about 81,605 cbm (cubic meters), the filing said.

The 2006 built vessel is expected to join the Company’s fleet in Q2 FY19 (Jul-Sep quarter).

The Company’s current fleet stands at 48 vessels, comprising 34 tankers (12 crude carriers, 17 product tankers, 5 LPG carrier) and 14 dry bulk carriers (1 Capesize, 8 Kamsarmax, 5 Supramax) with an average age of 11.03 years aggregating 3.92 mn dwt (Deadweight tonnage).

Announcement from company to acquire secondhand vessel somehow did not excite investors & traders, resulting dent in the price of the company shares and GE Shipping shares ended in RED Zone, as the trading session on the Indian Bourses closed for the day on Monday.


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