The India-based company posted first quarter net profit of INR1.81bn ($32.68m) compared to INR1.63bn in the same period of 2011. Revenue also improved to INR9.8bn compared to INR7.93bn a year ago.
“The product tanker market remained depressed throughout the quarter, as the fleet grew 3% year-on-year and met subdued demand for petroleum products from western economies,” GE Shipping said.
For dry bulk, freight rates remained suppressed due to the fundamental issue of insufficient demand despite an improvement in scrapping activities in the first quarter, the company noted.
GE Shipping commands a fleet of nine crude carriers, 13 product carriers and 10 dry bulk vessels.
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