India’s Great Eastern Shipping Company (G E Shipping) has revealed an MR product tanker purchase, after the latest move of the company to offload its 2004-built medium range product tanker “Jag Prabha” for an undisclosed price.

The shipowner G E Shipping said it has contracted to buy a medium-range product tanker of about 49,999 dwt on February 14, 2024. The 2010 built vessel is expected to join the company’s fleet by the first quarter of the financial year 2025.

The company’s current fleet stands at 42 vessels, comprising 28 tankers (6 crude carriers, 18 product tankers, 4 LPG carriers) and 14 dry bulk carriers aggregating 3.36 mn dwt. The company’s current capacity utilization is close to 100%.

The proposed ship will be financed entirely from internal accruals. As the owner reveals, the purpose of this acquisition is to modernize and expand its fleet portfolio.

Post delivery of the vessel, the owner will have 43 vessels aggregating 3.41 mn dwt.