Mumbai: As war roils the Persian Gulf and the global economy feels its shockwaves, just across the Arabian Sea in Mumbai sits Great Eastern Shipping Co. Ltd, one of the few winners of a conflict that nobody but a few wanted.
India’s largest private shipowner, with a fleet of 40 vessels, is benefiting as global ship chartering rates surge amid the war entering its fourth week on Saturday. The Baltic Dirty Tanker Index (BDTI) and the Baltic Clean Tanker Index (BCTI), which track the prices of unrefined crude and refined oil product tankers, respectively, have doubled from their 12-month averages, according to data.
GE Shipping is the operator of Jag Laadki, which was only the fourth vessel to cross the since Iran blockaded the strategic passage two weeks ago. Carrying around 81,000 tonnes of crude oil, the vessel reached the Mundra port on Wednesday. Jag Prakash, another GE Shipping vessel, has also managed to cross the strait, as per reports.
The company’s shares have gained more than 27% since the beginning of 2026, compared to a 12% correction in the Sensex over the same period. GE Shipping shares closed 1.3% lower on Friday at ₹1,422.95 on BSE, giving the company a market capitalization of just over ₹20,000 crore.
Experts said that, unlike smaller Indian companies that focus on logistics between Indian ports, most of GE Shipping’s fleet transits on international routes, giving it the full advantage of the elevated global freight rates. The company owns five crude carriers, 16 refined petroleum product tankers, five liquefied petroleum gas (LPG) vessels, and 14 dry bulk carriers that move materials such as iron ore and coal.
Smaller shipping companies such as Transworld Shipping Lines, JSW Infrastructure, Seven Islands Shipping, and Seaways Shipping and Logistics focus on domestic inland and coastal shipping.
GE Shipping did not respond to Mint’s request for a comment.
Riding the spot market
Notably, the company has gradually increased its exposure to the spot market over the past 12 months, enabling it to fully capitalise on market volatility. Per-day freight rates in the spot market, where vessels are chartered for a voyage, are nearly twice as much as those for one-year leases, as per data from Allied QuantumSea, which publishes weekly reports on the .
A year ago, GE Shipping had about a fifth of its crude and product tankers and about 30-40% of its dry bulk carriers on time charter, its management said in an investor call on 12 May 2025. Presently, the entirety of its crude fleet is on the spot market, and the share of dry bulk carriers on the spot market has gone up to 80-85%, as per its latest investor call on 30 January. All of its vessels are currently in use, the company said.
“Typically, on the shipping segments, we have about between 15% and 20% of the capacity on time charter. This is a normal situation in each of the sectors, which is (oil) products and dry bulk. In crude, we are 100% on spot currently,” G. Shivakumar, executive director and chief financial officer at GE Shipping, said on the investor call.
All five of the company’s LPG carriers remain on time charter, he added.
“Companies like GE Shipping are very substantially exposed to global shipping markets. Currently, exposure to the spot market would greatly help them because rates have skyrocketed,” said Amit Oza, director at Astramar Shipping & Trading Services, a maritime consultancy and brokering firm.
Large shipping companies like GE Shipping have strong research teams that analyze the market conditions and geopolitical scenarios and then advise their chartering teams on how much exposure to maintain in the spot market, Oza explained.
GE Shipping reported consolidated revenue of ₹1,737 crore during the quarter ended 31 December, up 16% year-on-year. Profit was up by over a third to ₹813 crore. The consolidated financials include income from subsidiary Greatship (India) Ltd, which is a major player in offshore oilfield services. The company had gross debt of ₹1,049 crore as of 31 December, and was net cash-positive at ₹7,277 crore.
Thumbs up from rating agencies
In a credit note issued on 5 January, Brickwork Ratings noted the company’s transition to spot markets.
“Over recent years, GE Shipping has progressively shifted a large portion of its fleet deployment toward spot market operations, with nearly 75-85% of vessels exposed to prevailing market rates and the balance operating under time-charter arrangements,” the rating agency noted. “While this strategy allows the company to benefit from strong market conditions, it also increases earnings volatility during periods of charter rate correction.”
Rating agency Crisil reaffirmed the company’s AAA rating, the highest on its scale, with a stable outlook on 20 February.
“The rating reflects the established market position of the company in the shipping industry, supported by its relatively young and well-diversified fleet across the dry bulk and tanker segments,” the rating agency noted. “The company has an experienced management team with a track record of more than 75 years of navigating business cycles and headwinds in the industry.”