Major Player in Indian Shipping and Oil Drilling Services, to Expand Fleet with 81,843 DWT Kamsarmax Dry Bulk Carrier

The Great Eastern Shipping Company Limited (GE Shipping) announced the acquisition of a Kamsarmax Dry Bulk Carrier with a capacity of about 81,843 deadweight tons (dwt). Built in 2015, the vessel is expected to join the company’s fleet in the third quarter of FY26. This purchase aligns with GE Shipping’s ongoing fleet modernisation and expansion strategy.

The acquisition will be fully funded through internal accruals, underscoring the company’s financial stability. Prior to this purchase, GE Shipping owned a fleet consisting of 38 vessels, aggregating 3.04 million dwt. This included 26 tankers (5 crude carriers, 17 product tankers, and 4 LPG carriers) and 12 dry bulk carriers, with nearly 100 per cent capacity utilisation. After delivery, the fleet will increase to 39 vessels with a combined capacity of 3.13 million dwt.

On a year-to-date basis, the stock price is down by 1.11 per cent, while in the last three months it has surged by 4.48 per cent. From a 52-week low of Rs 797.25, it is up by 20 per cent.

For FY24, GE Shipping reported revenue of Rs 5,230.56 crores and a net profit of Rs 1,875.23 crores. Headquartered in Mumbai, the company operates in two main segments: shipping and offshore. Its shipping operations involve transporting crude oil, petroleum products, and gas through tankers, and carrying dry bulk commodities like iron ore, coal, and grain via dry bulk carriers. The offshore division serves the oil and gas exploration sector with offshore drilling, support, and marine construction services.

Disclaimer: The article is for informational purposes only and not investment advice.