labels: industry - general, shipping, ge shipping
GE Shipping to acquire two new product tankersnews
06 July 2006

Mumbai: Great Eastern Shipping Company Ltd (GE Shipping) has ordered two new building Long Range One (LR1) Product tankers from STX Shipbuilding Company Ltd, Korea, the company said in a statement.

Great Eastern, India's largest private shipping firm, is modernising and diversifying its fleet, said the vessels, of around 74,500 dwt each, are due for delivery during the third quarter of 2008-09.

With this order, the company's new building order book stands at nine tankers (4 LR1 product tankers and 5 MR product tankers) with an aggregate dwt of 0.52 million and 5 OSVs (4 AHTSVs and 1 PSV).

The existing fleet of 74 vessels of the company includes 40 ships with an average age of 12.7 years and 34 offshore units and the order book comprises 12 vessels - seven tankers and five offshore supply vessels (OSVs).

The shipping firm had decided to spin off its offshore services business last year and offered one share of the new company and four Great Eastern shares for every five held.

Great Eastern's offshore oilfield services division offers drilling services, marine and air logistics, port and terminal services and caters primarily to oil and gas exploration and production companies.


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GE Shipping to acquire two new product tankers