G E Shipping to Acquire Two Aframax Tankers

Mumbai-based Great Eastern Shipping Company (G E Shipping) has inked a contract to buy two Aframax crude carriers of about 105,000 dwt each. 

The vessels are expected to join the company’s fleet by the fourth quarter of the 2017 fiscal year, G E Shipping said.

The two tankers, the Phoenix Beacon and Phoenix Concord, were built by South Korean shipbuilder Hyundai Heavy Industries in 2011 and 2012, respectively.

According to data provided by VesselsValue, the seller of the vessels is Greece-based Phoenix Energy Navigation.

The company said its current fleet stands at 37 vessels, comprising 24 tankers and 13 dry bulk carriers with an average age of 8.93 years aggregating 2.88 million dwt.

Market value of G E Shipping’s current fleet is USD 620 million, according to data provided by VesselsValue.

Additionally, the company has 1 newbuilding Kamsarmax and a 2009-built Supramax on order.

Following the delivery of the 4 contracted vessels, the company said its fleet will be comprised of 41 ships.