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G E Shipping contracts to buy Medium Range product tanker

16 Sep 2023 Evaluate

The Great Eastern Shipping Company (G E Shipping) has contracted to buy a medium range (MR) product tanker of about 46,197 dwt on September 15, 2023. The 2008 built vessel is expected to join the company’s flee in Q3 FY24.

The company’s current fleet stands at 42 vessels, comprising 28 tankers (6 crude carriers, 18 product tankers, 4 LPG carriers) and 14 dry bulk carriers aggregating 3.33 mn dwt. The Company’s current capacity utilization is close to 100%. The proposed ship will be financed entirely from internal accruals. The purpose of the acquisition is expansion of the fleet. Post delivery, thecompany will have 43 vessels aggregating 3.38 mn dwt.

Great Eastern Shipping Company is India’s largest private sector shipping company. The company’s major businesses include shipping and offshore.


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