The company had contracted to buy the vessel in Q2 FY21. G E Shipping also delivered its 1996 built Very Large Gas Carrier “Jag Vidhi” to the buyers. The vessel was contracted for sale in Q2 FY21.
The company has also contracted to buy a Long Range 2 Product Carrier which is expected to be delivered in Q3FY21.
The announcement was after market hours on Friday, 23 October 2020. Shares of G E Shipping fell 2.11% to settle at Rs 224.55 on Friday.
G E Shipping's current 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 12.53 years aggregating 3.70 mn dwt.
G E Shipping is India's largest private sector shipping service provider. The shipping business operates under two main businesses: dry bulk carriers and tankers.