Setting Sail to Success: Great Eastern Shipping's Fleet Expansion Journey

After the new vessel’s successful delivery and integration, the company’s fleet will encompass 43 vessels, boasting a total carrying capacity of 3.41 million dwt.

Great Eastern Shipping Company Limtied, a major player in the Indian shipping and oil drilling services industry, has made a significant announcement today.

As per the details in the press release, GE shipping has recently entered into a contract for the purchase of a Kamsarmax dry bulk carrier, boasting a carrying capacity of approximately 80,919 deadweight tons (dwt). This contract was finalized on October 27, 2023, with the 2014-built vessel expected to be integrated into the company’s fleet during the third quarter of FY24.

The present composition of GE Shipping’s fleet comprises 42 vessels, with 29 dedicated to the transportation of various liquid cargoes (comprising 6 crude carriers, 19 product tankers, and 4 LPG carriers) and an additional 13 dry bulk carriers, cumulatively amounting to 3.33 million dwt. This acquisition, aimed at fleet modernization and expansion, will be financed entirely from the company’s internal accruals, signifying a prudent financial strategy.

Following the successful delivery and inclusion of this newly acquired vessel, GE Shipping will have a total of 43 vessels under its banner, with a combined carrying capacity reaching 3.41 million dwt. This strategic move not only reinforces the company’s commitment to staying at the forefront of the maritime industry but also emphasizes its dedication to maintaining a contemporary and competitive fleet.

Share Performance:

At the beginning of the day, the stock opened at Rs 801 per share, remaining flat compared to the previous day’s closing price of Rs 799.75 per share on the BSE. As of writing this article, the stock is trading at Rs 831.60 per share, reflecting a 3.98% gain from its previous closing price.

The company’s current market capitalisation stands at Rs 12,221 crore. The stock has shown exceptional performance in recent periods, delivering an impressive multibagger return of more than 257% in the past three years.Investors must keep this stock on their radar.

Disclaimer: This post has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.