The Great Eastern Shipping Company Limited has contracted to buy a Medium Range product tanker of about 49,999 dwt on February 14, 2024. The 2010 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.

Post delivery of the vessel, the company will have 43 vessels aggregating 3.41 mn dwt.