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G E Shipping to sell product tanker

G E Shipping to sell product tanker

Mumbai: Great Eastern Shipping has signed a contract to sell the 1982 built 47,803 dwt product tanker Jag Padma. A spokesperson for GE Shipping said, "The Jag Padma will be delivered early next month to an undisclosed buyer. We cannot release any more information about the purchase as we are bound by a confidentiality agreement."

GE Shipping's existing fleet of 41 vessels comprises 32 and nine drybulk carriers totalling 2.96m dwt with an average age of 13.1 years. The company has commissioned construction of a further eight product tankers which will boost fleet tonnage by 0.47m dwt.

The board of directors at GE shipping, this week, announced third quarter results that show total income at Rs.519.85 crores, ($117m) which is 16.4% less than the amount earned in the corresponding period in 2005.  However net profits saw a 1.8% increase from Rs. 162.88 crores in 2005 to Rs. 165.85 crores for this period.  [25/01/07]