Acquisitions28 Sept 2026, 06:40 pm
Great Eastern Shipping Acquires New Suezmax Tanker
AI Summary
Great Eastern Shipping Company Ltd (GE Shipping) has entered into a contract to acquire a new-building Suezmax Tanker of approximately 157,000 dwt. The vessel will be constructed in the Far East by a leading shipbuilder and is scheduled for delivery in the second half of FY 2028-29. The acquisition, aimed at expanding the company's fleet, will be financed from internal accruals. GE Shipping currently operates a fleet of 40 vessels, including 25 Tankers and 15 Dry Bulk Carriers, with a capacity utilization close to 100%. The company also has two secondhand Kamsarmax Dry Bulk Carriers under contract for purchase, expected to complete in Q3 FY27.
Key Highlights
- GE Shipping contracts to acquire a new-building Suezmax Tanker.
- Vessel delivery expected in H2 FY 2028-29; financed by internal accruals.
- Acquisition aims to expand the company's existing fleet of 40 vessels.
- Company has near 100% capacity utilization across its fleet.
Price Impact
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