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GE Shipping targets spot market

GE Shipping targets spot market

Mumbai: Great Eastern Shipping has announced plans to to offer a big chunk of its dry bulk and tanker fleet in the spot market in otder to take advantage of strong shipping rates. "We can reprice our ships every few days depending on the market conditions," GE Shipping spokesperson Anjali Kumar told DNA.

The tactic is one that has already paid off for the Mumbai based company: last year, an estimated 60% of its dy bulk fleet plied the spot market. Although the majority of its tankers were chartered out, the company has indicated a decision to move the vessels over to the spot market when they end their charter contracts.

GE Shipping currently has a fleet of 41 vessels, comprising 30 tankers and 11 dry bulk carriers.  [18/07/08]