The Great Eastern Shipping Company Limited (G E Shipping) has entered into a contract to acquire a Suezmax crude carrier, approximately 164,715 dwt, built in 2010. The vessel is scheduled to join the company’s fleet by the third quarter of fiscal year 2025–26.
Currently, G E Shipping owns 38 vessels comprising 26 tankers—including 5 crude carriers, 17 product tankers, and 4 LPG carriers—as well as 12 dry bulk carriers, aggregating a total capacity of roughly 3.04 million dwt. The company’s fleet is operating at near-100% utilization. Additionally, the company has ordered a second-hand Kamsarmax dry bulk carrier in July 2025, expected to be delivered by Q3 FY26. Both acquisitions will be financed entirely from internal accruals. Upon delivery of the two vessels, the fleet will expand to 40 ships, with a combined carrying capacity of approximately 3.29 million dwt.
Industry Context: Pricing of Suezmax Crude Carriers
Suezmax tankers typically range between 120,000 and 200,000 dwt. According to the Baltic Exchange’s latest assessment of second-hand vessel values, Suezmax crude carriers are currently valued at approximately US $67.5 million, marking one of the highest levels seen in recent years.