The India-based company recorded profit of INR5.38bn ($99.11m) for its financial year ended 31 March 2013, a jump of 69.7% compared to a profit of INR3.17bn in the corresponding financial period.
Revenue also rose slightly to INR34bn from INR32.33bn in the previous financial year.
“The product tanker market showed some strength on back of robust demand of distillate cargoes from US to South American countries. Steady product demand from Asia also resulted in healthy cargo movement and utilisation,” GE Shipping said.
It added that the crude tanker market continued to underperform in the fourth quarter of its 2013 financial year due to subdued demand from Western economies and seasonal refinery maintenance added to tonnage oversupply.
For the company's dry bulk business, charter rates for large asset classes remained depressed throughout the last financial quarter mainly due to lower iron ore imports from Brazil to Asia and lower coal shipments from Australia due to heavy floods.
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