Great Eastern Shipping shares gained more than 3% to trade at an intra-day high of ₹1102.7 apiece on the BSE on Friday, June 7, after the company announced it was purchasing a medium range product tanker
In a stock exchange filing, the company said it has signed a contract to buy a medium range product tanker of about 49,990 deadweight tonnage (dwt). The tanker was built in 2013.
The company said it expects the vessel to join its fleet by the second quarter of FY25. Great Eastern Shipping also said the ship will be financed entirely from internal accruals. The company plans to use the ship for modernisation and expansion of its fleet.
The shipping company mentioned in a release that its current fleet stands at 43 vessels. The company’s fleet comprises 29 tankers (6 crude carriers, 19 product tankers, 4 LPG carriers) and 14 dry bulk carriers. The company’s 43 vessels have a total capacity of 3.41 million dwt and its utilisation of the capacity is near 100%.
Last month, the company had contracted to sell one Medium Range product tanker, which is due for delivery in the first half of FY25.
On May 11, the company reported its quarterly earnings. In the March quarter, the shipping company’s consolidated net profit increased nearly 15% to ₹726.73 crore compared to ₹632.32 crore in the same quarter of the preceding fiscal. The company’s net profit for the March quarter grew nearly 49% sequentially from ₹487.77 crore in the quarter ended December 2023.
The company’s 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 preceding fiscal. Sequentially, the revenue from operations for the March quarter surged nearly 16% against ₹996.18 crore in Q3FY24.
Shares of Great Eastern Shipping Company were trading 2.26% higher at ₹1,093.1 apiece on the BSE at 10:56 am.
Also Read: RVNL shares gain on back-to-back order wins; extend 2024 gains beyond 105%
In a stock exchange filing, the company said it has signed a contract to buy a medium range product tanker of about 49,990 deadweight tonnage (dwt). The tanker was built in 2013.
The company said it expects the vessel to join its fleet by the second quarter of FY25. Great Eastern Shipping also said the ship will be financed entirely from internal accruals. The company plans to use the ship for modernisation and expansion of its fleet.
The shipping company mentioned in a release that its current fleet stands at 43 vessels. The company’s fleet comprises 29 tankers (6 crude carriers, 19 product tankers, 4 LPG carriers) and 14 dry bulk carriers. The company’s 43 vessels have a total capacity of 3.41 million dwt and its utilisation of the capacity is near 100%.
Last month, the company had contracted to sell one Medium Range product tanker, which is due for delivery in the first half of FY25.
On May 11, the company reported its quarterly earnings. In the March quarter, the shipping company’s consolidated net profit increased nearly 15% to ₹726.73 crore compared to ₹632.32 crore in the same quarter of the preceding fiscal. The company’s net profit for the March quarter grew nearly 49% sequentially from ₹487.77 crore in the quarter ended December 2023.
The company’s 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 preceding fiscal. Sequentially, the revenue from operations for the March quarter surged nearly 16% against ₹996.18 crore in Q3FY24.
Shares of Great Eastern Shipping Company were trading 2.26% higher at ₹1,093.1 apiece on the BSE at 10:56 am.
Also Read: RVNL shares gain on back-to-back order wins; extend 2024 gains beyond 105%
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