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GE Shipping profit jumps on stronger crude carrier rates

GE Shipping profit jumps on stronger crude carrier rates
Mumbai-based Great Eastern Shipping (GE Shipping) has posted a set of stronger third quarter 2016 results compared to the year-ago period, helped by higher rates from its tanker fleet but offset by lower earnings from the dry bulk fleet.

Net profit for the quarter ended 31 December 2015 was recorded at INR2.75bn ($40.64m), a jump of 51.1% compared to INR1.82bn seen in the same period of the previous financial year.

Third quarter revenue rose by 5.4% year-on-year to INR9.95bn, aided by higher time-charter rates for its crude carriers but partially offset by lower contributions from the dry bulk vessels.

GE Shipping shared that its fleet of eight crude tankers commanded time-charter rates of $30,767 per day during the third quarter, up from $19,237 in the previous corresponding period.

Rates for its nine dry bulk carriers, however, fell to $6,320 per day from $10,772 in the year-ago period.

GE Shipping and its subsidiaries also operate a fleet of 13 product carriers and 21 OSVs including PSVs and AHTS vessels.