Great Eastern Shipping Company share price jumped 3.10% to ₹1,484.20 in Monday’s trading session despite sideways trends in the Indian stock market.
GE Shipping share price opened at ₹1,444 apiece today, as compared to ₹1,439 on Thursday last week.
Meanwhile, both Indian indices – Sensex and – continued its downward trend on Monday, April 6, after a flat opening, amid rising crude oil prices. The Sensex dropped 405 points, or 0.5%, to touch an early low of 72,914.16, while the Nifty 50 declined 121 points, or 0.5%, to 22,591.70.
What’s behind the rally?
In an exchange filing on April 6, the said it has contracted to sell its 2007 built Medium Range Tanker Jag Prakash of about 47,848 dwt, to an unaffiliated third party. The vessel will be delivered to the new buyer in Q1 FY27.
With the addition of Jag Prakash, the company’s owned fleet has expanded to 40 vessels. This includes 26 tankers—comprising 5 crude tankers, 17 product tankers, and 4 LPG carriers—and 14 dry bulk carriers, consisting of 2 Capesize, 9 Kamsarmax, 1 Ultramax, and 2 Supramax vessels, with a combined capacity of 3.20 million dwt, according to the filing.
Furthermore, the company has entered into agreements to acquire one pre-owned Kamsarmax dry bulk carrier and one pre-owned medium-range tanker, with both deals expected to be finalized in Q1 FY26, it said.
On April 1, the company had informed it has contracted to buy a secondhand Medium Range Tanker of about 49,420 dwt. The 2014 built vessel is expected to join the company’s fleet in Q1 FY27.
The proposed vessel will be financed entirely from internal accruals. The purpose of the acquisition is expansion of the fleet.
The company’s current owned fleet stands at 40 vessels, comprising 26 Tankers (5 Crude Tankers, 17 Product Tankers, 4 LPG Carriers) and 14 Dry Bulk Carriers (2 Capesize, 9 Kamsarmax, 1 Ultramax, 2 Supramax) aggregating 3.20 mn dwt. The Company’s current capacity utilization is close to 100%.
Additionally, the company has contracted to buy one secondhand Kamsarmax Dry Bulk Carrier, and this purchase transaction is expected to be completed in Q1 FY27.
GE Shipping share price trend
The multibagger stock has managed to remain positive despite weak market sentiments. shares have delivered 33% returns in terms of year-to-date (YTD) and 63.58% in last one year.
Looking at the broader level, the stock has given multibagger returns of 129.37 in the last three years and over 395% in five years.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.