G E Shipping contracts to buy a Medium Range product tanker

Great Eastern Shipping Company Ltd has signed a contract to buy a Medium Range (MR) product tanker of about 47,000 dwt. The 2004 built vessel is expected to join the Company's fleet during Q2FY2014.

The company's current fleet stands at 31 vessels, comprising 22 tankers (9 crude carriers, 12 product carriers, 1 LPG carrier) and 9 dry bulk carriers (1 Capesize, 3 Kamsarmax, 4 Supramax, 1 Handymax) with an average age of 9.6 years aggregating 2.50 mn dwt.

Shares of Great Eastern Shipping Company Ltd last traded in BSE at Rs.240.85, down by Rs.0.35 or 0.15%. The stock hit an intraday high of Rs.244.40 and low of Rs.240.

The total traded quantity was 2244 compared to 2 week average of 5542.

Source : Equity Bulls

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