GE Shipping shares gain 3% on purchase of medium range product tanker.
In a stock exchange filing, the company announced it has signed a contract to purchase a medium-range product tanker with a deadweight tonnage (dwt) of approximately 49,990.
Great Eastern Shipping shares surged over 3%, reaching an intra-day high of ₹1102.7 each on the BSE on Friday, June 7, after announcing the purchase of a medium-range product tanker. In a stock exchange filing, the company revealed it has signed a contract to acquire a medium-range product tanker of about 49,990 deadweight tonnage (dwt), built in 2013.
The company expects the vessel to join its fleet by the second quarter of FY25 and plans to finance the acquisition entirely from internal accruals. This addition is part of the company's strategy for fleet modernization and expansion.
Currently, Great Eastern Shipping operates a fleet of 43 vessels, including 29 tankers (6 crude carriers, 19 product tankers, 4 LPG carriers) and 14 dry bulk carriers, with a total capacity of 3.41 million dwt and near 100% utilization. Last month, the company contracted to sell one medium-range product tanker, scheduled for delivery in the first half of FY25.
On May 11, the company reported its quarterly earnings. For the March quarter, consolidated net profit increased nearly 15% to ₹726.73 crore, compared to ₹632.32 crore in the same quarter of the previous fiscal. Sequentially, net profit grew nearly 49% from ₹487.77 crore in the December 2023 quarter.
Revenue from operations for the March quarter fell nearly 5% to ₹1,154.86 crore compared to ₹1,213.41 crore in the corresponding quarter of the previous fiscal. However, sequentially, revenue surged nearly 16% from ₹996.18 crore in Q3FY24.
As of 10:56 am, shares of Great Eastern Shipping Company were trading 2.26% higher at ₹1,093.1 each on the BSE.
We hate spam as much as you do
© Hindeez 2024, All Rights Reserved
