The Great Eastern Shipping Company Limited (G E Shipping) has agreed to purchase a Medium Range product tanker weighing around 49,990 deadweight tons on June 6, 2024. This vessel, built in 2013, is anticipated to become part of the company’s fleet by the second quarter of the financial year 2024-2025.
Currently, the company’s fleet comprises 43 vessels, including 29 tankers (6 crude carriers, 19 product tankers, 4 LPG carriers) and 14 dry bulk carriers, totaling 3.41 million deadweight tons. The company’s fleet is nearly fully utilized, with a utilization rate close to 100%.
The acquisition of the new ship will be entirely funded through internal earnings, with the aim of modernizing and expanding the fleet. Additionally, a Medium Range product tanker was previously contracted for sale in May 2024, with delivery expected in the first half of the financial year 2024-2025.
Following the delivery of both vessels, the company’s fleet will consist of 43 vessels with a total deadweight tonnage of 3.41 million.