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GE Shipping profit jumps in Q3

Mumbai-based Great Eastern Shipping (GE Shipping) has recorded higher earnings in the third quarter ended 31 December 2014 due mainly to increased shipping rates.

Lee Hong Liang, Asia Correspondent

February 6, 2015

1 Min Read
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Net profit for the quarter was registered at INR1.82bn ($29.47m), a jump of 78.4% compared to INR1.02bn in the same period of last year.

Revenue also improved 19% year-on-year to INR9.44bn, boosted by higher time-charter rates despite a drop in revenue days.

Time-charter equivalent earnings for its crude tankers reached $19,237 per day in the third quarter, up from $13,957 per day in the previous corresponding period. Rates for product carriers were recorded at $24,061 per day, up from $16,036 per day a year ago.

Dry bulk carriers saw a drop in rates to $10,772 per day from $13,407 per day.

Read more about:

dry bulk shipping

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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