Midcap Shipping Stock Surges 3.12% On Contracts To Buy Medium Range Product Tanker

The Great Eastern Shipping Company Ltd. (G E Shipping) on Friday, Sept 15, informed the stock exchange that the company has contracted to buy a medium-range (MR) product tanker of about 46,197 dwt. The 2008-built vessel is expected to join the Company's fleet in Q3 FY24.

"The Company's current fleet stands at 42 vessels, comprising 28 tankers (6 crude carriers, 18 product tankers, 4 LPG carriers) and 14 dry bulk carriers aggregating 3.33 mn dwt. The Company's current capacity utilization is close to 100%," the company stated in a release.

The proposed ship will be financed entirely from internal accruals. The purpose of the acquisition is expansion of the fleet. Post delivery, The Company will have 43 vessels aggregating 3.38 mn dwt.

Meanwhile, the shares of G E Shipping closed 3.12% higher at Rs 837.20 apiece on the BSE. Its 52-week high is Rs 864.15 apiece and 52-week low is Rs 478.70 apiece. It gained 1.48% in 1 week, and 14.28% in 1 month, respectively. It gained 52.48% in 1 year, 127.47% in 2 years, and 217.42% in 3 years, and 185.34% in 5 years, respectively.

The Great Eastern Shipping Company Ltd. is a shipping sector company. The company along with its subsidiaries is a major player in the Indian shipping and Oil drilling services industry. It is a midcap stock having a market cap of Rs 12,304.03 Crore.