The Great Eastern Shipping Company Limited has contracted to buy a Medium Range product tanker of about 51,486 dwt on March 28, 2024. The 2013 built vessel is expected to join the Company's fleet by first quarter of fiscal year 2025. The Company's current fleet stands at 42 vessels, comprising 28 tankers (6 crude carriers, 18 product tankers, 4 LPG carriers) and 14 dry bulk carriers aggregating 3.36 mn dwt.

The Company's current capacity utilization is close to 100%. The proposed ship will be financed entirely from internal accruals. The purpose of the acquisition is modernization and expansion of the fleet.

Additionally, they had contracted to buy a MR product tanker in February 2024, which is also due for delivery in first quarter of fiscal year 2025. Post delivery of both the vessels, they will have 44 vessels aggregating 3.46 mn dwt.