GE Shipping to buy a second hand very large gas carrier in Q3FY21; Stock pares early gains

This carrier is called 2002 Japanese built vessel which is expected to be part of GE Shipping's fleet in Q3FY21.

Sep 15, 2020 01:09 IST India Infoline News Service

Great Eastern Shipping (GE Shipping) has entered into a contract to acquire buy a secondhand Very Large Gas Carrier of about 77,922 cbm. On Tuesday, the company's stock witnessed a volatile session.

This carrier is called 2002 Japanese built vessel which is expected to be part of GE Shipping's fleet in Q3FY21.

GE Shipping has already planned to sell its 1996 built Very Large Gas Carrier Jag Vidhi which will be delivered to buyers in Q3 FY21.

Currently, GE Shipping's total fleet stands at 46 vessels, comprising 33 tankers (11 crude carriers, 17 product tankers, 5 LPG carrier) and 13 dry bulk carriers with an average age of 12.37 years aggregating 3.70 mn dwt.

In the early trading session, GE Shipping stock surged by 4% with an intraday high of Rs274 per piece. However, the stock has pared early gains on Sensex.

At around 1.04 pm, the stock trades at Rs262.30 per piece down 0.36% on Sensex. The stock has also touched an intraday low of Rs261 per piece on the same index. 

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