G E Shipping contracts to buy a Medium Range Product Tanker

The Company’s current capacity utilization is close to 100%. The proposed ship will be financed entirely from internal accruals.

 G E Shipping contracts to buy a Medium Range Product Tanker

 The Great Eastern Shipping Company Limited (G E Shipping) has contracted to buy a medium-range product tanker of about 49,990 dwt.

The vessel, which was built in 2013, is expected to become part of the company's fleet by the second quarter of fiscal year 2025. The company's current fleet consists of 43 vessels, including 29 tankers (6 crude carriers, 19 product tankers, 4 LPG carriers) and 14 dry bulk carriers, with a combined capacity of 3.41 million deadweight tons.

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The Company’s current capacity utilization is close to 100%. The proposed ship will be financed entirely from internal accruals.

The purpose of the acquisition is modernization and expansion of the fleet. Additionally, we contracted to sell one MR product tanker in May 2024, which is due for delivery in H1FY25. Post delivery of both the vessels, we will have 43 vessels aggregating 3.41 Mn dwt.

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