Great eastern shipping news

The Great Eastern Shipping Company! Here are some recent news updates about the company:

Recent Developments:

  1. Expansion Plans: In 2022, the Great Eastern Shipping Company announced plans to expand its fleet by 20% in the next two years, with a focus on acquiring newer, more efficient vessels.
  2. New Vessel Orders: The company has placed orders for two new vessels, a Very Large Crude Carrier (VLCC) and a Handysize Dry Bulk Carrier, to be delivered in 2023 and 2024, respectively.
  3. Sustainability Efforts: Great Eastern Shipping has committed to reducing its carbon footprint by 30% by 2030, through a combination of fuel-efficient vessel designs, slow-steaming, and the use of alternative fuels.
  4. Diversification: The company is exploring opportunities to diversify its business beyond traditional shipping, including investments in renewable energy and infrastructure projects.

Recent Financials:

  1. Q2 2022 Results: Great Eastern Shipping reported a net profit of ₹1.34 billion (approximately $18.5 million USD) for the quarter ended June 30, 2022, a significant improvement from the same period last year.
  2. FY 2021-22 Results: The company reported a net profit of ₹4.45 billion (approximately $62.5 million USD) for the fiscal year ended March 31, 2022, a 25% increase from the previous year.

Industry Insights:

  1. Global Shipping Market: The global shipping market has been experiencing a rebound in recent months, driven by increased demand for goods and a shortage of containers. This has led to higher freight rates and improved profitability for shipping companies like Great Eastern Shipping.
  2. India's Shipping Industry: India's shipping industry has been growing rapidly, driven by the country's increasing trade volumes and economic growth. Great Eastern Shipping is well-positioned to benefit from this growth, with a strong presence in the Indian market.

I hope this information is helpful!