G E Shipping orders 2 new-builds - Kamsarmax carriers

Jul 29, 2013, 8:47AM EST
G. E. Shipping moves ahead, orders for two new building Kamsarmax dry bulk carriers to be delivered by mid 2016

 

Has the recession bottomed out? There has been some cautious optimism around to suggest that the worst of the rapid decline in world economic output may be over and we will be seeing better days ahead. However, Great Eastern Shipping Company Limited (G E Shipping) seems to have bucked the downtrend and has consistently continued on its robust growth trajectory. The company, which is India’s largest private sector shipping company, has informed that it has placed an order for 2 new building Kamsarmax dry bulk carriers with Tsuneishi Shipbuilding Co.Ltd, Japan.

 

It may be a good strategic move as Kamsarmax is said to have an economic advantage over a smaller Panamax. It was the growth in demand for larger bulk carriers that saw the appearance of this new type of vessel, Kamsarmax, way back in 2002. This class of vessel is said to use space more efficiently than traditional designs of bulk carriers permitting more cargo carrying capacity within the existing dimensions. 

The growing demand for Kamsarmax vessels continues. The state-owned Shipping Corporation of India, country’s largest shipping company, took delivery of its second vessel of the four Kamsarmax bulk carriers ordered by it with Jiangsu Eastern Heavy Industries Co. Ltd., China. Order for the four vessels was placed in September 2010.

G. E. Shipping’s two vessels to be built at the Tsuneishi Shipbuilding Co’s yard in Philippines are likely to get classed with ClassNK according to sources. The contracted ships, of about 81,600 dwt each, will be built according to the new eco design features which will result in greater fuel efficiency and be in compliance with Energy Efficiency Design Index requirements. Both the vessels are expected to join the Company’s fleet during H1FY16. 

The Company’s current fleet stands at  28 vessels, comprising 20 tankers (8 crude carriers, 11 product tankers, 1 LPG carrier) and 8 dry bulk carriers (1 Capesize, 3 Kamsarmax,  4 Supramax) with an average age of 9.0 years aggregating  2.32 mn dwt. 

 

On 22nd July, 2013 G. E. Shipping had signed a contract to buy a Very Large Gas Carrier (VLGC) of about 49,300 dwt (73,800 cbm). The 1994 built vessel is expected to join the Company’s fleet during H1FY2015. 

The Great Eastern Shipping has implemented SEEMPs on all its vessels since 1st July 2011.  As a pilot ship, JAG AABHA was audited by Det Norske Veritas (DnV) in July 2012 to verify compliance with above Regulations.  This is the first ever Energy Efficiency Statement of Compliance to the new MARPOL Convention regulations issued by DNV, Oslo based Ship Classification Society. The G. E. Shipping as a corporate strategy has put into gear several initiatives with objectives and targets for improving environmental performance of its vessels. Enhancing energy efficiency of its vessels is one of them.

GE Shipping is engaged in two main businesses: shipping and offshore. The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities. In the offshore business, the company services the oil companies in carrying out offshore exploration and production activities, through its wholly owned subsidiary Greatship (India) Limited(GIL).

 
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