G E Shipping contracts to sell a dry bulk carrier.

The Great Eastern Shipping Co Ltd. (G E Shipping) has signed a contract to sell ‘Jag
Akshay’, a Panamax dry bulk carrier. The 73,350 dwt vessel, built in 1994 was inducted in
the Company’s fleet in March 2007. The vessel is likely to be delivered to the buyers in Q1
FY09.