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GE Shipping to sell Aframax

GE Shipping to sell Aframax

Mumbai: India's Great Eastern Shipping Company (GE Shipping) has signed a contract with an un-named buyer to sell its Korean built 107,592dwt Aframax tanker - Jag Leher. GE Shipping has been the owner of this 1986-constructed single hulled vessel for the past four years and is expected to complete delivery to its new buyers in Q3 FY 2007-08.

In a statement, the Mumbai headquartered company said, "The decision to sell this ship is in line with the company's overall strategy of exiting from non-double hull tanker fleet."

The company has been making a concerted effort to dispose of its single hull assets and has this year sold a Suezmax  vessel ?" the Jag Laadki and its only VLCC, the Ardeshir H Bhiwandiwalla.

GE Shipping's current fleet of 46 ships of a total 3.22m dwt, with an average age of 12.2 years. The fleet consists of 13 crude tankers, 19 product carriers, two LPG carriers and 12 dry bulk carriers.  [17/09/07]