Great Eastern Shipping Company Ltd Share Price – NSE  /  BSE

Shipping, Small Cap

Great Eastern Shipping Company will hold a meeting of the Board of Directors of the Company on 10 May 2024.

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Great Eastern Shipping Company took delivery of a 2010 built Medium Range product tanker “Jag Priya” of about 49,999 dwt. The Company had contracted to buy the vessel in Q4 FY24.

Including this vessel, the Company's current fleet stands at 43 vessels, comprising 29 tankers (6 crude carriers, 19 product tankers, 4 LPG carriers) and 14 dry bulk carriers aggregating 3.41 mn dwt.

This vessel is financed entirely from internal accruals. The purpose of the acquisition is expansion of the fleet.

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Great Eastern Shipping Company has contracted to sell its 2004 Medium Range Product Tanker, Jag Pahel of about 46,319 dwt on 01 April 2024 to an unaffiliated third party. The vessel will be delivered to the new buyer by Q1 FY25.

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The 2013 built vessel is expected to join the company’s fleet by Q1 FY25.

GE Shipping’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 3.36 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 modernization and expansion of the fleet,” stated the shipping firm in a filing.

Additionally, the company had contracted to buy a MR product tanker in February 2024, which is also due for delivery in Q1 FY25.

Post delivery, the company will have 44 vessels aggregating 3.46 mn dwt.

GE Shipping is India's largest private sector shipping service provider. The company operates in two main businesses: dry bulk carriers and tankers.

The company's consolidated net profit decline 14.2% to Rs 538.17 crore in Q3 FY24 as against with Rs 627.20 crore posted in Q3 FY23. Net sales stood at Rs 1,245.12 crore in Q3 FY24, decline 12.4% year on year.

The scrip settled 0.45% higher at Rs 1,000.15 on Thursday, 28 March 2024. The domestic market is closed today, on account of Good Friday.

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