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Our Bureau

Mumbai, Oct. 13 Great Eastern Shipping Company Ltd (GE Shipping) informed the Bombay Stock Exchange on Saturday that the company has contracted to buy two new building Kamsarmax Dry Bulk Carriers.

The company has placed orders for the same with a South Korean yard. However, it denied to disclose the amount for the acquisition.

The vessels of around 80,700 DWT (deadweight tonnes) each are expected to join the company’s fleet during the fourth quarter of 2010-11 and the first quarter of 2011-12, respectively. The company said that its decision to acquire the bulk carriers is aimed at augmenting its dry bulk fleet. GE’s current fleet stands at 48 vessels comprising 36 tankers (14 crude carriers, 20 product tankers, two LPG carriers) and 12 dry bulk carriers with an average age of 11.3 years aggregating 3.29 million DWT.

With this order, its new building order book stands at six vessels aggregating 0.46 million DWT (Four LR1 Product Tankers aggregating 0.3 million DWT & two Kamsarmax Bulk Carriers aggregating 0.16 million DWT).

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