Great Eastern Shipping Company (Great Eastern Shipping) of India has recently signed an agreement to purchase a large LPG tanker built in 2015. This acquisition is aimed at expanding the company's diverse fleet and will be fully financed from internal resources.
Details of the Tanker Purchase
The name of the purchased tanker, the seller's name, or the purchase price has not been disclosed. This new acquisition comes after an active period in the second-hand ship market for Great Eastern, during which the company has been modernizing its tanker and cargo ship fleet through a series of purchases and sales.
Status of Great Eastern's Fleet
The company's current fleet consists of 40 vessels with a total deadweight tonnage (dwt) of 3.24 million tons, including 25 tankers and LPG carriers and 15 cargo ships. The company's tanker fleet includes five crude oil tankers, 16 product tankers, and four LPG tankers, while the cargo side includes two capesize vessels, 10 panamax vessels, one ultra-max vessel, and two supramax vessels.
Additionally, Great Eastern has contracts to purchase two second-hand panamax vessels, which are expected to be completed in the same quarter as the recent VLGC purchase. Separately, the company has also committed to constructing a new suezmax vessel planned for the second half of the fiscal year 2028-29.
Recent Developments in the Second-Hand Ship Market
Great Eastern's ongoing purchases follow a series of second-hand transactions this year. By September, previous reports indicate that over $200 million has been spent on purchasing second-hand vessels, while sales of older ships are also underway. This reflects a significant shift in Great Eastern's strategy as it seeks to strengthen and expand its fleet in the competitive shipping market.
