1. Home
  2. >

GE Shipping plans Rs2k crore capex


Great Eastern Shipping Company (GE Shipping), has drawn up a capex plan of approximately Rs2,075 crore to expand its fleet and dry bulk capacities. According to the company CMD, Bharat Sheth, GE Shipping has a total capex commitment of around US$437 million, which will result in addition to the tonnage of about 0.68 million deadweight tonnes (DWT) of 2 tankers and five dry bulk carriers. The company has 12 crude carriers, 18 product carriers and one gas carrier along with 31 tankers and six dry bulk carriers, he added.
All through Q2, the tanker market has remained depressed with earnings close to operating costs. The major reason for this was high crude inventory levels coupled with decline in demand for refined products from OECD countries, resulting in a huge over-supply.
However the dry bulk trade segment has registered marked improvement mainly due to large iron ore and coal imports by China. This coupled with increased tonne-mile and port congestion helped the rates to firm up. On the supply side, significant scrapping and order book slippage limited fleet growth.

Most Popular


Olympia Group announces to build up 1.1mn sq-ft greenfield it park in Guindy
The project will have a total investment of about Rs 750 crore


Vital pre-monsoon building works resume in Maharashtra
The state government has permitted pre-monsoon work by BMC and other agencies

Latest Issue

Sept 2020
01 Sep 2020