Great Eastern Shipping expands fleet with MR product tanker

MUMBAI : Indian owner Great Eastern Shipping has bought a 2010-built MR product tanker of about 49,999 dwt. The vessel is expected to join the company’s fleet by the first quarter of the financial year 2025.

According to Great Eastern Shipping, the proposed ship will be financed entirely from internal accruals. The purpose of the acquisition is modernisation and expansion of the fleet.

The company’s current fleet stands at 42 vessels, comprising 28 tankers – six crude carriers, 18 product tankers, four LPG carriers – and 14 dry bulk carriers aggregating 3.36m dwt. The company’s current capacity utilisation is close to 100%. After the delivery of the vessel, the Indian firm will have 43 vessels aggregating 3.41m dwt.

The company recently struck a deal to sell its 2004-built MR product tanker Jag Prabha. The price and the buyer of the 47,999 dwt ship were not disclosed. The Iwagi Zosen-built ship, estimated by VesselsValue to be worth $15.4m, will change hands at the end of March.