GE Shipping to scrap Greatship Rohini after it suffered damages from fire in February 2021

The Great Eastern Shipping Company shares rallied 2.6% in today’s trading session touching a high of Rs 326.75 as the company announces scrapping of its R-class Platform Supply vessel.

Greatship (India) Limited (GIL), a wholly-owned subsidiary of the Great Eastern Shipping has contracted to sell its 2010 built R-class Platform Supply Vessel “Greatship Rohini” for scrapping.

Greatship Rohini had suffered damage due to a fire incident onboard in February 2021. The vessel is expected to be delivered to the buyer in Q4 FY 22.

GIL and its subsidiary own and operates four PSVs, eight AHTSVs, two MPSSVs, five R-class Supply Vessels (including Greatship Rohini) and four Jack-up Rigs.

The Great Eastern Shipping Company Ltd. (GE Shipping) is India's largest private sector shipping service provider enjoying a formidable presence in the international maritime industry. The shipping business operates under two main businesses: dry bulk carriers and tankers.

The stock had lost 0.22% of its stock price on the bourses in last one month. When compared to the benchmark indices BSE Sensex tumbled 8.29% and Nifty50 lost 7.84% while sectoral index S&P BSE Small Cap of which G E Shipping is a constituent lost 12.9%. Great Eastern Shipping has logged a 52-week high and low of Rs 477 and Rs 265.05.

For the quarter ended on December 31, 2021, the shipping company has reported a strong set of results with net revenue up by 24.6% YoY basis at Rs 938.58 crore. The net profit for the said period stood at Rs 205.29 a growth of 16.42 per cent on YoY basis.

Today, GE Shipping is trading at Rs 322.45 apiece with an intra-day high and low of Rs 326.75 and Rs 320.75.

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