GE Shipping hits 52-week high on heavy volumes

The stock was up 7% to Rs 413 on BSE

Great Eastern Shipping (GE Shipping) has risen to its 52-week high of Rs 413, up 7% on BSE on back of heavy volumes, in otherwise weak market.

The trading volumes on the counter jumped multiple folds with a combined 1.11 million shares changed hands on BSE and NSE till 10:24 am; as compared to sub 100,000 shares that were traded daily in past two weeks.

GE Shipping on Friday, March 17, announced that the company has signed a contract to buy a Supramax Dry Bulk Carrier of about 52,450 dwt.

The 2006 built vessel is expected to join the Company's fleet in Q1 FY18, it added.

The company's current fleet stands at 43 vessels, comprising 28 tankers (11 crude carriers, 15 product tankers, 2 LPG carrier) and 15 dry bulk carriers (1 Capesize, 8 Kamsarmax, 6 Supramax) with an average age of 9.56 years aggregating 3.54 mn dwt. The company has also committed to purchase 1 Secondhand Suezmax Crude Carrier.