Great Eastern contracts to buy a 2013-built MR product tanker

Great Eastern Shipping Company has contracted to buy a Medium Range product tanker of about 49,990 dwt on 06 June 2024. The 2013 built vessel is expected to join the Company's fleet by Q2 FY25.

The Company's current fleet stands at 43 vessels, comprising 29 tankers (6 crude carriers, 19 product tankers, 4 LPG carriers) and 14 dry bulk carriers aggregating 3.41 Mn dwt. The Company's current capacity utilization is close to 100%.

The proposed ship will be financed entirely from internal accruals. The purpose of the acquisition is modernization and expansion of the fleet.

Additionally, the company had contracted to sell one MR product tanker in May 2024, which is due for delivery in H1FY25.

Post delivery of both the vessels, the company will have 43 vessels aggregating 3.41 Mn dwt.

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