G E Shipping Bolsters Fleet with New Medium Range Product Tanker

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In a recent development, the Great Eastern Shipping Company Limited (G E Shipping) has finalized a contract for the acquisition of a Medium Range product tanker, weighing approximately 49,990 deadweight tons (dwt), on June 6, 2024. This vessel, built in 2013, is set to join the company’s fleet during the second quarter of the fiscal year 2024-25.

Current Fleet Overview

G E Shipping currently operates a diverse fleet comprising 43 vessels, which includes 29 tankers (comprising 6 crude carriers, 19 product tankers, and 4 LPG carriers), as well as 14 dry bulk carriers, totaling a substantial 3.41 million dwt. The fleet’s utilization rate is impressively high, hovering around the 100% mark.

Financing Strategy and Acquisition Purpose

The acquisition of the newly procured ship will be entirely funded through internal accruals. This strategic move is aimed at both modernizing and expanding G E Shipping’s existing fleet, in alignment with the company’s overarching growth objectives.

Sale Contract and Fleet Projection

In addition to this recent acquisition, G E Shipping has also secured a contract for the sale of one Medium Range product tanker, expected to be delivered in the first half of the fiscal year 2024-25. Upon the successful conclusion of both transactions, the company’s fleet will maintain a consistent count of 43 vessels, boasting a cumulative deadweight tonnage of 3.41 million.

The procurement of the Medium Range product tanker reflects G E Shipping’s steadfast commitment to fortifying its fleet through strategic acquisitions. With a clear focus on enhancing operational efficiency and capitalizing on market opportunities, the company is poised to further solidify its position within the maritime sector and drive sustained growth in the foreseeable future.

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Source: The Great Eastern Shipping Company Ltd.

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