GE Shipping sees profits drop

Mumbai:  Great Eastern Shipping Company released its latest financial results for the first quarter ended June 30, 2006. Figures show a drop in net profits of 22% from the same period in 2005, down to Rs3.2bn ($70.6m). Revenue days for the company's fleet of tankers and bulk carriers out on time charter were about 4.5% lower than the previous year, with bulkers in particular seeing a significant decline in daily rates of almost 31.5%. However, the company reports a steady rise in rates during the quarter and says it expects these 'to be firm for the balance part of the year.'  [02/08/06]