India :
- On February 14, 2024, The Great Eastern Shipping Company Limited (G E Shipping) finalized a contract to acquire a Medium Range product tanker with a capacity of approximately 49,999 deadweight tons (dwt). The vessel, built in 2010, is anticipated to become part of the company’s fleet by the first quarter of the financial year 2025 (Q1 FY25).
- The company’s existing fleet consists of 42 vessels, including 28 tankers (comprising 6 crude carriers, 18 product tankers, and 4 LPG carriers) and 14 dry bulk carriers, totaling 3.36 million deadweight tons (dwt). Currently, the company’s capacity utilization is nearly at full capacity, standing close to 100%.
- The acquisition of the proposed ship will be fully financed through internal accruals. The primary objective behind this acquisition is the modernization and expansion of the fleet. Upon the delivery of the vessel, G E Shipping fleet will comprise 43 vessels, with a combined deadweight tonnage (dwt) of 3.41 million.