Great Eastern Shipping contracts to buy a Medium Range Product Tanker
The Great Eastern Shipping Company Limited (G E Shipping) has contracted to buy a Medium Range product tanker of about 49,999 dwt on February 14, 2024.
The 2010 built vessel is expected to join the Company’s fleet by Q1 FY25. 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 3.36 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. Post delivery of the vessel, we will have 43 vessels aggregating 3.41 mn dwt.