The Great Eastern Shipping Company Limited (GE Shipping) has announced the acquisition of a secondhand Long Range 2 Tanker. The vessel, built in 2015 and approximately 110,000 dwt, is expected to join the company’s fleet in Q2 FY27. This strategic purchase, financed through internal accruals, is part of GE Shipping’s fleet expansion strategy. The company also recently contracted to buy a secondhand Medium Range Product Tanker, with completion anticipated in Q1 FY27.
GE Shipping Expands Fleet with New Tanker Acquisition
The Great Eastern Shipping Company Limited (GE Shipping) has entered into a contract to acquire a secondhand Long Range 2 Tanker. The vessel, estimated at 110,000 dwt and built in 2015, is slated to become part of GE Shipping’s operational fleet by the second quarter of the financial year 2027 (Q2 FY27). This acquisition aligns with the company’s strategic objective to expand its existing fleet capacity.
Financing and Strategic Rationale
The transaction for the Long Range 2 Tanker will be funded entirely through the company’s internal accruals. The primary purpose behind this acquisition is to bolster the company’s fleet size and enhance its market presence in the tanker segment. This move underscores GE Shipping’s commitment to growth and its ability to leverage its financial resources for strategic investments.
Fleet Overview and Capacity
As of the announcement, GE Shipping’s current owned fleet comprises a substantial 39 vessels. This includes 24 Tankers, which are further categorized into 5 Crude Tankers, 15 Product Tankers, and 4 LPG Carriers. Additionally, the fleet includes 15 Dry Bulk Carriers, consisting of 2 Capesize, 10 Kamsarmax, 1 Ultramax, and 2 Supramax vessels, with an aggregate capacity of 3.19 million dwt. The company is currently operating at a high capacity utilization, reported to be close to 100%.
Additional Acquisition in Progress
In addition to the Long Range 2 Tanker, GE Shipping has also contracted to purchase a secondhand Medium Range Product Tanker. This separate transaction is expected to be finalized and completed during the first quarter of the financial year 2027 (Q1 FY27), further contributing to the expansion and diversification of the company’s tanker capabilities.
Source: BSE
