Great Eastern Shipping jumps 4 per cent on signing pact to buy second-hand VLGC vessels

Great Eastern Shipping Company Limited (GE Shipping) on Monday after the market informed the bourses that the company has signed a contract to buy a second hand very large gas carrier (VLGC vessels) of about 77,922 cbm.

The 2002 Japanese built vessel is expected to join the company’s fleet in Q3FY21. Currently, the fleet of the company stood at 46 ships, comprising 33 tankers (11 crude carriers, 17 product tankers, 5 LPG carriers) and 13 dry bulk carriers, aggregating to 3.70 million dwt, with an average age of 12.37 years.

During FY20, the company had delivered to buyers a very large gas carrier (VLGC), which it had contracted to sell in FY 2018-19, and also, sold & delivered to the buyers a Suezmax crude carrier.

The company’s revenue mix stood at shipping-75.7 per cent and offshore- 24.3 per cent. On the geographical front, the company derives 58.2 per cent revenue from India and the rest 41.9 per cent from the rest of the world (RoW). On the product's front, it comprises of freight & demurrage-49.9 per cent, charter hire-49 per cent, and others- 1.1 per cent.

Today, the stock of GE Shipping opened at Rs 267.40 and jumped by four per cent and made an intraday high of Rs 274 on BSE.