GE Shipping augments its Dry Bulk fleet - acquires a modern Supramax

Great Eastern Shipping Company Ltd has announced that the Company has contracted to buy a modern Supramax dry bulk carrier. The 2001 built ship, of about 52,179 dwt. is expected to join the Company's fleet during Q3 FY 2007-08.

The rationale behind the purchase of this ship is to consolidate on the dry bulk segment and to participate in the increasing opportunities arising out of strong global commodity demand.

The Company's current fleet of 46 ships with an average age of 12.2 years aggregates to 3.22 mn dwt. The Company's new building order book comprises 5 Product tankers (1 MR and 4 LR1 product tankers aggregating 0.33 mn dwt) to be delivered in the next 2 years. Additionally, the Company has also contracted to buy 2 second hand modern Double Hull Suezmax Crude Carriers, both to be delivered in Q2 FY 2007-08.

The stock closed the day at Rs.334, down by Rs.2.40 or 0.71%. The stock hit an intraday high of Rs.341.75 and low of Rs.331.55. The total traded quantity was 72235 compared to 2 week average of 204775.


Source: Equity Bulls