The Great Eastern Shipping Company Ltd (GE Shipping), India’s largest shipping and oilfield services provider, has contracted to sell its 2007-built Medium Range Tanker Jag Prakash of about 47,848 deadweight tonnage (dwt) to an unaffiliated third party.
Fleet Standing
The vessel will be delivered to the new buyer in Q1 FY27. Including Jag Prakash, the company’s current owned fleet stands at 40 vessels, comprising 26 tankers, five crude tankers, 17 product tankers, and four LPG carriers, and 14 dry bulk carriers (two Capesize, nine Kamsarmax, one Ultramax, and two Supramax) aggregating 3.20 million dwt.
New Acquisitions
As part of its fleet expansion, GE Shipping has contracted to buy one second-hand Kamsarmax Dry Bulk Carrier and one second-hand Medium Range Tanker. Both transactions are expected to be completed in Q1 FY27.
The 2014-built Medium Range Tanker is about 49,420 dwt. The proposed vessel will be financed entirely from internal accruals.