GE Shipping to sell Very Large Crude Carrier

New Delhi, June 14: Great Eastern Shipping Company Ltd (GE Shipping) said it has signed a contract to sell its Very Large Crude Carrier (VLCC) "Ardeshir H Bhiwandiwalla" today.

GE Shipping acquired the 1992 built - 2,65,955 dwt VLCC in June 2004 and is scheduled to be delivered to the buyers during the third quarter of the fiscal 2007-08.

The decision is with a view of monetising on asset values and increasing preference in marketplace towards double hull tankers.

This is in consonance with its objective of planned phase out of non double hull tonnage.

GE Shipping current fleet is 46 ships which comparises of 13 crude carriers, 19 product carriers, 2 LPG gas carriers and 12 dry bulk carriers. This aggregates 3.22 mn dwt which has an average age of 12.2 years.

UNI