Great Eastern Shipping Takes Delivery Of Medium-Range Tanker

The Great Eastern Shipping Co. took delivery on Friday of a 2013-built medium-range product tanker, Jag Priyanka, with a deadweight tonnage of approximately 49,990 dwt. The company had contracted to buy the vessel in the first quarter of the financial year.

The acquisition of this tanker was financed entirely through internal funds, aimed at expanding the fleet. It has also contracted to sell one medium-range product tanker in July, which is expected to be delivered by the third quarter, according to an exchange filing.

With the addition of Jag Priyanka, GE Shipping's fleet comprises 43 vessels, including 29 tankers and 14 dry bulk carriers, totaling 3.41 million dwt. The tankers include six crude carriers, 19 product carriers, and four LPG carriers.

Shares of GE Shipping closed 0.83% higher at Rs 1,380 per share on the NSE, compared to a 1.65% advance in the benchmark Nifty. The stock has risen 41.88% year-to-date and 83.49% over the past 12 months.