Shipping stocks jump as cabinet approves scheme to provide Rs 1,624 crore over 5 years as subsidy

The Great Eastern Shipping Company Ltd. | Shipping | Transportation & Logistics | BSE: 500620 | NSE: GESHIP

15 Jul 2021 Evaluate

Shipping stocks edged up as Union Cabinet has approved a scheme to provide Rs 1,624 crore over five years as subsidy to Indian shipping companies in global tenders floated by ministries and Central Public Sector Enterprises (CPSEs) for import of government cargo. Registration shall be done online within 72 hours like the world's best ships registries and this will make it easy and attractive to register ships in India and thereby aid in boosting the Indian tonnage.

The Great Eastern Shipping Company is currently trading at Rs. 388.10, up by 9.05 points or 2.39% from its previous closing of Rs. 379.05 on the BSE. The scrip opened at Rs. 392.00 and has touched a high and low of Rs. 392.00 and Rs. 383.25 respectively.

Shreyas Shipping & Logistics is currently trading at Rs. 203.45, up by 2.05 points or 1.02% from its previous closing of Rs. 201.40 on the BSE. The scrip opened at Rs. 208.80 and has touched a high and low of Rs. 208.95 and Rs. 200.00 respectively.

Cochin Shipyard is currently trading at Rs. 393.55, up by 4.10 points or 1.05% from its previous closing of Rs. 389.45 on the BSE. The scrip opened at Rs. 393.80 and has touched a high and low of Rs. 394.55 and Rs. 390.90 respectively.

In addition to this, it is intended to provide 30 days to any in-flagging vessel to replace the crew on board with Indian crew. In order to address the cost disadvantage suffered by Indian flag ships, Finance Minister Nirmala Sitharaman has in her Union Budget for 2021-22 speech had announced a scheme providing Rs 1,624 crore over five years to promote flagging of merchant ships in India by providing subsidy support to Indian shipping companies in global tenders floated by ministries and CPSEs.

The steps are also being taken to rationalize the manning requirements on the ships by aligning them with international standards. It pointed out that despite having a 7,500 km long coastline, a significant national exim trade that is steadily growing on an annual basis, a policy of 100 per cent FDI in shipping since 1997 and Indian shipping industry and India's national fleet is proportionately small when compared with its global counterparts.

GE Shipping Share Price

1536.35 -41.95 (-2.66%)

04-May-2026 16:59 View Price Chart

Peers

Company Name	CMP
Shipping Corpn.	318.65
GE Shipping	1536.35
Dredging Corp	946.15
Seamec	1583.70
Shreeji Ship.Global	425.70
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