The Great Eastern Shipping Company (GE Shipping) said that it has contracted to buy a secondhand Kamsarmax dry bulk carrier of about 81,609 deadweight tonnage (dwt).

The 2019 built vessel is expected to join the companys fleet in Q3 FY27. The proposed vessel will be financed entirely from internal accruals. The purpose of the acquisition is expansion of the fleet.

The companys current owned fleet stands at 40 vessels, comprising 25 tankers (5 crude tankers, 16 product tankers, 4 LPG carriers) and 15 dry bulk carriers (2 capesize, 10 kamsarmax, 1 ultramax, 2 supramax) aggregating 3.24 million dwt. The companys current capacity utilization is close to 100%.

Additionally, the company has contracted to acquire one additional secondhand kamsarmax dry bulk carrier, and this transaction is expected to be completed in Q3 FY27.

Great Eastern Shipping Company (GE Shipping), along with its subsidiaries is a major player in the Indian shipping and oil drilling services industry.

The company posted a consolidated net profit of Rs 1,308.84 crore in Q1 FY27, registering a 159.43% year-on-year (YoY) increase from the corresponding quarter last year. Revenue from operations surged 66.91% YoY to Rs 2,005.36 crore.

The scrip rose 0.86% to currently trade at Rs 1395.85 on the BSE.

Source: Business Standard 

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