Great Eastern Shipping Company (GE Shipping) is planning to invest around $380 million in acquiring vessels and on a rig by March 2017. Of total, around $180 million will be for six vessels on order, which include a major thrust on increasing the bulk capacity, one product anchor vessel and a new building.
The company, which is also into the offshore segment, has a $200-million rig on order, which shall be delivered by the end of the fiscal. Further, the 50% of the planned capex will get over in FY15 itself, while the remaining will be spread equally in FY16 and FY17.
Great Eastern Shipping Company is India’s largest private sector shipping company. The company’s major businesses include shipping and offshore.