GE Shipping to buy 2 dry bulk carriers

Great Eastern Shipping Company (GE Shipping) has signed a contract with SPP Shipbuilding, Korea for two new Kamsarmax dry bulk carriers. The vessels of approximately 81,000 dead weight tonnage (dwt) will join the company's fleet in in the first quarter of 2011-12.

The company had earlier placed orders for four Supramax and two  Kamsarmax dry bulk carriers. All the new vessels are expected to join the company's fleet between FY10 and FY12.

According to a release issued by the company, "this is in line with our view to enhance tonnage and participate in the increasing opportunities in the dry bulk commodities trade."

With this contract, the company's new building order book comprises 12 vessels aggregating 0.85 million dwt (four LR1 product tankers aggregating 0.30 million dwt & eight dry bulk carriers aggregating 0.55 million dwt).