Great Eastern Invests in Gas Carrier

India’s Great Eastern Shipping Company Limited (G E Shipping) has signed a contract to buy a second-hand medium gas carrier of about 35,420 cbm, the company informed.

As disclosed, the 1997-built vessel is expected to join the company’s fleet in the second quarter of the 2018 fiscal year.

What is more, GE Shipping contracted to buy a 2009-built Long Range 2 product tanker of 105,000 mt DWT which is scheduled for delivery in Q2/Q3 financial year 2017-18.

The latest purchase has pushed the company’s fleet to 46 vessels, comprising 30 tankers and 16 dry bulk carriers.

These include 12 crude carriers, 16 product tankers, 2 LPG carriers, along with 1 Capesize, 8 Kamsarmax, 7 Supramax bulkers with an average age of 9.76 years aggregating 3.80 million DWT.

The investment is being pursued on the heels of the company’s approval of the issue of 1,500 secured bib-convertible debentures of RS. 10 lac each aggregating to RS. 150 crore by way of private placement.