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Great Eastern to acquire Supramax

Great Eastern to acquire Supramax

Mumbai: Great Eastern Shipping Company Ltd (GE Shipping) has announced that it has signed a contract for the purchase of a modern Supramax dry bulk carrier.

"The rationale behind the purchase of this ship is to consolidate on the dry bulk segment and to participate in the increasing opportunities arising out of strong global commodity demand," GE Shipping said in a statement. "The 2001 built ship of about 52,179dwt is expected to join the company's fleet during the third quarter of financial year 2007-08."

The company has also announced that it is to buy two second hand modern double hull Suezmax crude carriers, both of which will be delivered by in the second quarter of 2008.

GE Shipping currently operates a fleet of 46 ships of 3.22m dwt with an average age of 12.2 years. This number will be bolstered by the delivery of five newbuild product tankers to be delivered in the next two years.  [19/07/07]