GE Takes Delivery of New Vessel

By Aiswarya Lakshmi June 4, 2015

The Great Eastern Shipping Company Ltd. (G E Shipping) took delivery of its new building Kamsarmax dry bulk carrier "Jag Arnav".

The vessel of about 81,600 dwt was built at Tsuneishi Heavy Industries (Cebu) Inc., Philippines.

With the inclusion of the vessel, 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 and 5 Supramax) with an average age of 9.6 years aggregating 2.4 mn dwt.

The company reported a two-fold rise in consolidated net profit at Rs 136.97 crore for the quarter ended March 31, 2015. The company's net profit in the corresponding quarter a year ago was Rs 66.84 crore, it said in a regulatory filing.

Total income from operations of the company rose to Rs 3,438.03 crore over Rs 3,091.86 crore in FY14, it added. During the quarter ended March 31, the company said, it sold a very large gas carrier - Jag Vidhi - and a capesize dry bulk carrier - Jag Arjun.

The company has two main businesses - shipping and offshore. The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities.

The company uses various ships such as crude carriers, product carriers, LPG carriers, dry bulk carriers to transport cargo to and from the country while also offering offshore exploration and production to companies engaging in the oil industry.