Great Eastern Shipping to enhance fleet with 80,919 dwt bulk carrier

The Great Eastern Shipping Company Limited (G E Shipping) has made a significant addition to its fleet by contracting to purchase a Kamsarmax dry bulk carrier, with a deadweight tonnage (dwt) of approximately 80,919. The vessel, built in 2014, is scheduled to join the company’s robust fleet in the third quarter of FY24. This strategic acquisition aligns with G E Shipping’s ongoing efforts for fleet modernization and expansion.

Current Fleet and Future Expansion

G E Shipping’s current fleet strength stands impressively at 42 vessels, encompassing a diverse range of 29 tankers and 13 dry bulk carriers, totaling an aggregate of 3.33 million dwt. The tankers include 6 crude carriers, 19 product tankers, and 4 LPG carriers. With the addition of the newly acquired Kamsarmax dry bulk carrier, the company’s fleet is set to expand to 43 vessels, thereby aggregating to approximately 3.41 million dwt.

Financial Strategy and Purpose Behind Acquisition

The investment for the new ship acquisition will be financed entirely through the company’s internal accruals, underscoring G E Shipping’s strong financial management and commitment to sustainable growth. This move is aimed at enhancing the company’s service capabilities and modernizing its fleet to better serve the evolving demands of the maritime shipping industry. The addition of the Kamsarmax dry bulk carrier not only signifies growth but also reinforces the company’s position in the competitive maritime sector.

This latest development from The Great Eastern Shipping Company Limited highlights its strategic approach towards maintaining a dynamic and modern fleet, prepared to meet the diverse and expanding needs of the global shipping market.