Great Eastern Shipping Company Ltd has decided to go for
a massive ship acquisition programme with a capital investment
of Rs 880 crore.
company has already placed orders with various shipbuilding
yards and the delivery of these ships is expected between
January 2004 and April 2005.
a senior GE Shipping official: "The freight market
is doing well. The crude tanker market is expected to
continue at current levels and a strong product tanker
market would be subject to only seasonal impacts. The
dry bulk freight rates might stay at healthy levels for
the balance part of the year. The total investments for
these acquisitions will be around Rs 880 crore. The orders
have been placed with various shipbuilding yards."
Shipping has already entered into a contract with Bharati
Shipyard Ltd to build the anchor-handling tug supply vessels.
These vessels are scheduled to be delivered in early 2005
and are capable of providing support for deep-water drilling
activities, the official adds.
Shipping''s current fleet of 62 vessels comprises 32 ships
(an aggregate tonnage of 1.59 mn dwt with an average age
of 12.6 years) and 30 offshore units. The company has
four tankers (aggregating 0.47 mn dwt).
the current year, GE Shipping had acquired a 66,203-dwt
second-hand panamax product carrier and took delivery
of a new building 1,05,716 dwt. The company also acquired
one Aframax crude carrier and a 46,273-dwt MR product
official says with the government''s continuous emphasis
on the growth of the exploration and production sector
and with an increased number of discoveries, India is
being talked about as a destination for many international
exploration and production (E&P) operators. The Indian
oil field sector is expected to witness increased activities.