GE Shipping surges 5% on taking delivery of crude carrier

NEW DELHI: Shares of Great Eastern Shipping Company (GE Shipping) climbed over 5 per cent in Thursday’s trade after the company informed BSE that it has taken delivery of a second-hand Suezmax crude carrier that roughly weighs 1.57 lakh tones (dead weight).

In a filing to BSE, the company said the company had contracted to buy the vessel in December 2016.

"With the inclusion of this vessel, the company's current fleet stands at 43 vessels, comprising 28 tankers and 15 dry bulk carriers with an average age of 9.56 years aggregating 3.54 million dwt. Additionally, the company has committed to purchase 1 Secondhand Suezmax,” the company told BSE.

Following the announcement, the stock advanced 4.91 per cent to hit a high of Rs 395 on BSE. A total of 21,000 shares changed hands on the counter, compared with a two-week daily average of 28,000 shares. The stock had hit a low of Rs 377.55 so far during the day.