G E Shipping to acquire 46,197 dwt tanker to expand fleet to 43 vessels
The Great Eastern Shipping Company Limited (G E Shipping) has contracted to acquire a medium-range product tanker with a deadweight tonnage (dwt) of 46,197. The transaction was announced on September 15, 2023, and the 2008-built vessel is expected to join the G E Shipping fleet in Q3 of FY24. Post-acquisition, the company’s fleet will stand at 43 vessels with a total aggregate of 3.38 mn dwt.
Financial Details and Current Fleet Capacity of G E Shipping
G E Shipping will finance the new tanker entirely from internal accruals, a testament to the company’s strong financial health. Currently, G E Shipping operates a near full-capacity fleet of 42 vessels, comprising 28 tankers and 14 dry bulk carriers, aggregating 3.33 mn dwt. The company’s current capacity utilization stands close to 100%, further emphasizing the significance of this new acquisition in terms of fleet expansion.
Purpose and Future Prospects for G E Shipping’s Fleet
The primary purpose of the acquisition is fleet expansion. With this latest addition, G E Shipping aims to continue building upon its already impressive fleet, which will consist of 43 vessels totaling 3.38 mn dwt post-delivery. The move is consistent with G E Shipping’s growth strategy and will likely serve to further solidify its position in the shipping industry.
This acquisition marks another milestone for G E Shipping in enhancing its fleet and capacity, aligning with the company’s long-term objectives in the shipping market. With a current fleet that’s almost at full capacity, the new 46,197 dwt tanker acquisition becomes particularly significant.