GE Shipping net up 74% at Rs 421 cr

MUMBAI: Great Eastern Shipping (GE Shipping), the largest private shipping company in the country, has posted a 74% rise in net profit at Rs 421 crore for the quarter ended June 30, 2007. Thanks to the foreign exchange gain of Rs 115 crore, the company’s revenue increased 59% to Rs 869.7 crore.

Excluding the forex gain, the profit has risen 27% to Rs 306 crore. The total revenue days during the quarter increased 17% to 4,327 days. Owned tonnage increased 12% to 3.22 million dead-weight tonnage (dwt). Crude carriers recorded an average time charter yield (TCY) of around $29,488 per day while product carriers recorded an average TCY of around $22,182 per day during the quarter. At an average TCY of $28,446 per day, dry bulk carriers grew around 84%.GE Shipping’s current fleet of 46 ships comprises 34 tankers and 12 dry bulk carriers. with an average age of 12.2 years, aggregating 3.22 million dwt.