Great Eastern Shipping

India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) has reported a decrease in profit due to declining rates in the bulker and product tanker sectors. Nonetheless, Great Eastern Shipping anticipates improved earnings from its crude tankers division. In the second quarter of the fiscal year ending on September 30th, Great Eastern Shipping recorded a net profit of $71.5 million. While this remains a substantial profit, it falls short of the figures achieved during the same period in the previous year. Great Eastern Shipping reported revenue of $175 million in the second quarter of 2023. The weaker performance in the bulker and product tanker markets has impacted Great Eastern Shipping’s overall profitability, but it is optimistic about the prospects in the crude tanker sector. 30-October-2023

 

India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) has agreed to sell its 2006 built supramax bulk carrier 54K DWT MV Jag Rohan (ex MV Tenshou Maru). In March 2017, Great Eastern Shipping (GES) acquired MV Jag Rohan (ex MV Tenshou Maru) for around $9 million. MV Jag Rohan (ex MV Tenshou Maru) constructed at the Tsuneishi Cebu shipyard. MV Jag Rohan (ex MV Tenshou Maru) is scheduled to transfer ownership in the Q3 2023. Mumbai-based shipowner and operator Great Eastern Shipping (GES) has a diverse fleet of over 40 vessels, recently added the MR tanker MT Grand Ace8 to its fleet for approximately $23.8 million. Additionally, Mumbai-listed shipowner and operator Great Eastern Shipping (GES) is rumored to be involved in a deal for the panamax bulk carrier MV Port Star, valued at around $20.2 million. 30-September-2023

 

India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) acquired 2013 built supramax bulk carrier 56K DWT MV Luminous Nova and 2013 built capesize bulk carrier 180K DWT MV True Dream. Furthermore, Great Eastern Shipping (GES) acquired 2006 built 35K-cbm LPG carrier Cambridge. Mumbai-based shipowner and operator Great Eastern Shipping (GES) will not extend fleet expansion following due to steep second-hand ship prices. Unless second-hand ship prices were to re-correct and come down, they are ahead of Great Eastern Shipping’s (GES) price points. In 2020, Great Eastern Shipping (GES) was not able to purchase vessels due to Covid-19 restrictions. Since 2016, India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) acquired 20 ships. Great Eastern Shipping (GES) had given a bid in the privatization of state-owned shipping company Shipping Corp of India (SCI). Great Eastern Shipping’s (GES) offshore vessels are managed by subsidiary Greatship. Currently, Great Eastern Shipping (GES) owns a mixed fleet of 32 tankers, 5 LPG carriers, and 13 bulk carriers. 27-May-2021

 

India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) acquired 2013 built supramax bulk carrier 56K DWT MV Luminous Nova for around $14 million from Japanese shipowner Aono Kaiun. Mumbai-based shipowner and operator Great Eastern Shipping (GES) is selling 2006 built supramax bulk carrier 52K DWT MV Jag Roopa for around $8 million. In 2014, Indian shipowner and operator Great Eastern Shipping (GES) acquired MV Jag Roopa from Japanese shipowner Kambara Kisen for around $18 million. Previously, Great Eastern Shipping (GES) acquired a 2014 built capesize bulk carrier 180K DWT MV Jag Alaia (ex MV True Dream) for around $23 million. According to Great Eastern Shipping (GES), second-hand bulk carrier prices have risen in better shipping markets. Financial discipline has served Great Eastern Shipping (GES) well and supported the company to come through shipping crises. Currently, Mumbai-based shipowner and operator Great Eastern Shipping (GES) has a mixed fleet of 46 ships. 4-March-2021

 

Mumbai based shipowner and operator Great Eastern Shipping (GES) controlled 2011 built capesize bulk carrier 179K DWT MV Jag Anand has been anchored off China for almost seven (7) months is eventually steamed to Japan. Great Eastern Shipping (GES) controlled MV Jag Anand has been stranded off Jingtang, China since June 2020. Great Eastern Shipping (GES) controlled MV Jag Anand was seized in the trade dispute between Australia and China. India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) controlled MV Jag Anand is one of 21 bulk carriers that have been stranded by China’s alleged ban on Australian coal imports. MV Jag Anand’s crew members are mentally and physically exhausted due to an unprecedented situation. 8-January-2021

 

India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) has confirmed the sale of its two senior suezmax tankers, the 2000-built duo, MT Jag Lateef and MT Jag Laadki. The delivery of these suezmax tankers is planned to take place before the conclusion of India’s fiscal year in March 2021. While Mumbai-based shipowner and operator Great Eastern Shipping (GES) has kept the specifics of the sale under wraps, data indicates that the suezmax tankers were sold to unidentified buyers from China for a combined sum of $25.6 million. At present, Mumbai-listed shipowner and operator Great Eastern Shipping’s (GES) fleet comprises 47 ships: 29 tankers, 5 LPG carriers, and 13 bulk carriers. Additionally, Great Eastern Shipping (GES) is expecting another vessel, having recently finalized an agreement to purchase a pre-owned capesize bulker earlier in the month. 29-November-2020

 

India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) has finalized an agreement to purchase a pre-owned capesize bulk carrier. This addition will complement the single capesize, MV Jag Anand, already present in their fleet of 46 ships. While Mumbai-based shipowner and operator Great Eastern Shipping (GES) has revealed that the bulker was constructed in 2014 in the Philippines, Great Eastern Shipping (GES) has not disclosed more specifics about the transaction. The newly acquired capesize bulk carrier is set to be delivered to Mumbai-listed shipowner and operator Great Eastern Shipping (GES) before the close of India’s fiscal year in March 2021. Currently, Great Eastern Shipping’s fleet consists of 46 ships, including 28 tankers, five LPG carriers, and 13 bulk carriers. 15-November-2020

 

Mumbai-listed shipowner and operator Great Eastern Shipping (GES) has confirmed its decision to purchase a LR2 product tanker built in 2012. MT Champion Princess, constructed by Hyundai for NYK Line, with the transaction valued at $26.5 million. India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) mentioned that this South Korean-made LR2 product tanker is slated for delivery by the end of the current year. As of now, Great Eastern Shipping’s (GES) fleet comprises 46 ships, which include 28 tankers, five LPG carriers, and 13 bulk carriers. 11-October-2020

 

Mumbai-listed shipowner and operator Great Eastern Shipping (GES) has made public its decision to purchase a secondhand very large gas carrier (VLGC). This very large gas carrier (VLGC), constructed in Japan in 2002 and having a capacity of 77,922 cubic meters, is set to be integrated into the Great Eastern Shipping’s (GES) fleet in the Q3 2021. Simultaneously, India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) has sold its 1996-built VLGC, MT Jag Vidhi, which is scheduled for delivery to its new owners within the same timeframe. At present, Mumbai-based shipowner and operator Great Eastern Shipping (GES) boasts a fleet of 46 ships. This includes 33 tankers (with 11 crude carriers, 17 product tankers, and 5 LPG carriers) and 13 dry bulk carriers. 16-September-2020

 

Indian shipowner and operator Great Eastern Shipping is going to issue a $132 billion non-convertible debenture in 2020. Due to the coronavirus recession, Great Eastern Shipping’s bulk carrier business might be affected. However, Great Eastern Shipping has sufficient liquid investments and cash to tackle any financial issues soon. Great Eastern Shipping has reported a net loss of $6.7 million in Q1 2020. Great Eastern Shipping has reported a revenue of $139 million in Q1 2020. India’s biggest private shipowner and operator Great Eastern Shipping has 46 tankers and bulk carriers. Furthermore, Great Eastern Shipping has 23 offshore ships. Great Eastern Shipping’s bulk carriers earned $8,321 per day in Q1 2020. 1-June-2020

 

India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) has announced plans for a share buyback worth up to INR 1 billion ($14 million). Mumbai-based tanker and bulker shipowner Great Eastern Shipping (GES) will pay not more than INR 306 each for as many as 3.3 million shares. According to Great Eastern Shipping (GES), the maximum acquisition value would equal around 2% of the company. In April 2019, Great Eastern Shipping (GES) was considering a bond issue worth INR 10 billion. The initial intention was to issue non-convertible debentures in a private placement during 2019. 1-June-2019

 

India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) is considering a bond issue worth INR 10 billion ($143 million). On 6 May 2019, Great Eastern Shipping’s (GES) Borad of Directors (BOD) will gather to analyze the debt sale. Currently, Great Eastern Shipping (GES) plans to issue non-convertible debentures in a private placement during 2019. Mumbai-based tanker and bulker shipowner Great Eastern Shipping (GES) made the most of increasing markets to report a bigger profit. 22-April-2019

 

Mumbai based shipowner and operator Great Eastern Shipping (GES)
is firmly against new Indian laws giving domestically built bulk carriers priority for state cargoes. According to Great Eastern Shipping (GES), Hindu Business Line that the right of first refusal (RoFR) policy is of no benefit to shipowners or shipyards because it is a retrospective measure. New rules states that Indian-built bulk carriers would get priority state-owned entities’ cargoes. According to Great Eastern Shipping (GES), this new rule is not going to improve Indian shipbuilding. The new policy will impair the shipping industry without encouraging the Indian shipbuilding industry. Furthermore, Great Eastern Shipping (GES) has objected to Indian shipowners having to match the lowest freight rate quoted by a foreign shipowner in a tender. 5-March-2019

 

Mumbai-listed shipowner and operator Great Eastern Shipping (GES) has confirmed the sale of its 1994-constructed very large gas carrier (VLGC), MT Jag Vishnu, to an undisclosed buyer. While India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) has not specified the sale price, MSI estimates the MT Jag Vishnu’s value at $13.5 million. The gas carrier MT Jag Vishnu, which was built in Japan, has been under a long-term charter with Bharat Petroleum. The delivery of the MT Jag Vishnu to its new owner is planned for the Q2 2019. 20-January-2019

 

Mumbai based shipowner and operator Great Eastern Shipping has fortunately raised around $45 million in a non-convertible debenture sale. Great Eastern Shipping has been throwing cash on second-hand ships in recent weeks. In March 2018, Great Eastern Shipping acquired 1996 built 36K cbm LPG carrier. Currently, Great Eastern Shipping has a diversified fleet of 16 dry bulk carriers, 3 LPG carriers, 17 Product Carriers, 12 Crude Oil Carriers. 12-April-2018

 

India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping sold 2003 built handymax dry bulk carrier 52K DWT MV Jag Rahul (ex MV Philipp Oldendorff). In 2005, Great Eastern Shipping bought MV Jag Rahul (ex MV Philipp Oldendorff) for around $38 million from another Germany’s biggest bulk shipowner Oldendorff for around $38 million. Currently, Great Eastern Shipping has a mixed fleet of 47 ships. 18-January-2018

 

Mumbai-based tanker and bulker shipowner Great Eastern Shipping reported a net loss of $5 million in Q1 2017. In April 217, Great Eastern Shipping bought an MR product tanker and continues buying second-hand ships. Currently, Mumbai-based tanker and bulker shipowner Great Eastern Shipping has a fleet of 29 tankers and 15 dry bulk carriers. 5-May-2017

 

Pacific International Lines (PIL) sold 2012 built capesize bulk carrier 180K DWT MV Pacific Capella for around $27 million. Second-hand bulk carrier prices increased last week due to an increase in BDI Baltic Dry Index. Furthermore, Germany based dry bulk shipowner and operator Conti Shipping sold 2012 Chinese built supramax dry bulk carrier 56K DWT MV Aventurin for $12 million for further trading. 2006 built supramax dry bulk carrier 55K DWT MV Sun Acapulco was sold to a Greek shipowner for around $10 million. Japanese Tsuneishi Group sold 2006 built supramax bulk carrier 52K DWT MV Tenshou Maru to Indian shipowner and operator Great Eastern Shipping. 26-March-2017