GE Shipping rises after subsidiary inks deal to acquire one anchor handler

Great Eastern Shipping Company advanced 1.95% to Rs 660 after the company announced that its subsidiary has entered into a contract for acquiring one anchor handling tug cum supply vessel.

In an exchange filing made during market hours today, the company said that Greatship (India) (GIL), a wholly owned subsidiary of The Great Eastern Shipping Company, has signed a contract to buy a 2007 built 80T anchor handling tug cum supply vessel (AHTSV).

The vessel is expected to join the company's fleet during Q4 FY2023, Great Eastern Shipping added.

GIL and its subsidiaries currently own and operate four platform supply vessels (PSVs), eight AHTSVs, two multipurpose platform supply and support vessels (MPSSVs), four R-class Supply Vessels and four Jack up Rigs.

The Great Eastern Shipping Company is the largest private sector shipping company in India. It mainly operates under two main businesses, tankers and dry bulk carriers wherein it owns and operates 45 vessels (31 tankers and 14 dry bulk carriers) with a combined capacity of 36 lakh dead weight tonnage as on 31 March 2022.

The company's consolidated net profit zoomed to Rs 768.83 crore in the quarter ended September 2022 as against Rs 223.06 crore during the previous quarter ended September 2021. Sales rose 63.55% to Rs 1447.45 crore in Q2 FY23 over Q2 FY22.

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