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GE Shipping profit jumps in Q3

GE Shipping profit jumps in Q3
Mumbai-based Great Eastern Shipping (GE Shipping) has recorded higher earnings in the third quarter ended 31 December 2014 due mainly to increased shipping rates.

Net profit for the quarter was registered at INR1.82bn ($29.47m), a jump of 78.4% compared to INR1.02bn in the same period of last year.

Revenue also improved 19% year-on-year to INR9.44bn, boosted by higher time-charter rates despite a drop in revenue days.

Time-charter equivalent earnings for its crude tankers reached $19,237 per day in the third quarter, up from $13,957 per day in the previous corresponding period. Rates for product carriers were recorded at $24,061 per day, up from $16,036 per day a year ago.

Dry bulk carriers saw a drop in rates to $10,772 per day from $13,407 per day.