The Great Eastern Shipping Company (GE Shipping) has entered into an agreement to cancel the new building Kamsarmax which was scheduled for delivery in FY18 (contract signed in FY14). Simultaneously, the company has contracted for purchase of two new-building resale Kamsarmaxes being built at the same shipyard, due to be delivered in Q2 FY 17. The transactions collectively are value accretive.
GE Shipping’s current fleet stands at 32 vessels, comprising 23 tankers (8 crude carriers, 14 product tankers, 1 LPG carrier) and 9 dry bulk carriers (4 Kamsarmax, 5 Supr-amax) with an average age of 10.4 years aggregating 2.5 mn dwt. The total order book (including the resales) now stands at 4 new-building Kamsarmaxes, all of which will be delivered in FY 17.
