GE Shipping Q1 Net Up 45%
By Aiswarya Lakshmi
Thursday, August 13, 2015
India's largest domestic ship liner Great Eastern Shipping Company today reported a 45 percent jump in its consolidated net profit to Rs 323.67 crore ($50 million) for the quarter ended June 30, on the back of higher income.
Sales during April-June rose 17 percent to 947 crores versus 808.2 crores. GE Shipping's finance costs fell to 69.9 crore rupees compared with 75.3 crore rupees earlier. Segment wise, shipping sector contributed Rs 563.42 crore revenue while offshore sector contribution stood at Rs 497.44 crore.
In June 2015, the company took delivery of a new building Kamsarmax Dry Bulk Carrier “Jag Arnav”. The vessel of about 81,600 dwt was built at Tsuneishi Heavy Industries (Cebu) Inc., Philippines.
In August 2015, the company contracted to sell a new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt). The vessel is being built at Tsuneishi Heavy Industries (Cebu) Inc., Philippines and will be delivered to the company in August/September 2015. It will subsequently be delivered by the company to the new buyers.
In June 2015, Greatship (India) Limited (GIL), a wholly owned subsidiary of The Great Eastern Shipping Company Limited, sold and delivered the 2009-built 80T AHTSV "Greatship Akhila", to the buyers.
The Company’s current fleet stands at 30 vessels, comprising 21 tankers (8 crude carriers, 12 product tankers, 1 LPG carrier) and 9 dry bulk carriers (4 Kamsarmax, 5 Supramax) with an average age of 9.6 years aggregating 2.36 mn dwt. Excluding “Jag Aakash”, the orderbook comprises 3 dry bulk carriers and 1 product tanker.