GE Shipping buys modern Supramax

MUMBAI: Great Eastern Shipping Company has bought a modern Supramax dry bulk carrier. The 2001 built ship, of about 52,179 dead weight tonnage, is expected to join the company's fleet during the third quarter of 2007-08 (Apr-Mar).

The rationale behind the purchase is to consolidate in the dry bulk segment and to participate in the increasing opportunities arising out of strong global commodity demand.

GE Shipping's current fleet of 46 ships, with an average age of 12.2 years, aggregates to 3.22 million dwt. The company's new building order book comprises five product tankers to be delivered in the next two years.

The company has also contracted to buy two second-hand modern double hull Suezmax crude carriers, both to be delivered in the second quarter of 2007-08.

At 1:39 pm, the GE Shipping share was marginally down at Rs 336.