GE Shipping to sell dry bulk carrier

GE Shipping to sell dry bulk carrier

Mumbai: Great Eastern Shipping Co Ltd has said that it has contracted to sell one of its dry bulk carriers, its fourth in the past two weeks.

The 1984-built vessel will be delivered to the buyers in the final quarter of 2008/09, it said in a media release.

The company’s fleet of 42 vessels comprises 32 tankers and 10 dry-bulk carriers, of which it has contracted to sell 3 vessels over the last two weeks.

It sold one of its dry-bulkers on 2 December.

“These are very old vessels. Also, deals are happening now in the second-hand market," a company spokesperson said adding: “You’re getting a ship at 60-70% lower value, so buyers prefer it."

On Monday, the shares ended at Rs145.95, down 4.7% from the previous close. Financial markets were closed today on account of a local holiday.