GE Shipping contracts to buy 2 more Kamsarmax Dry Bulk Carriers

Great Eastern Shipping Company Ltd (GE Shipping) has informed that the Company has signed a contract with SPP Shipbuilding Co. Ltd Korea for 2 new building Kamsarmax dry bulk carriers. These vessels of approximately 81,000 dwt will join the Companys fleet in first quarter of FY 2011 12 respectively.

In this regards the Company has issued following Press Release :

Great Eastern Shipping Company Ltd (GE Shipping) signed a contract with SPP Shipbuilding Co Ltd, Korea for 2 new building Kamsarmax dry bulk carriers. These vessels of approximately 81,000 dwt will join the Companys fleet in Q1 FY 2011-12.

The Company had earlier placed orders for 4 Supramax and 2 Kamsarmax dry bulk carriers. All these new building vessels are expected to join the Companys fleet between FY 2010 and FY 2012. This is in line with our view to enhance tonnage and participate in the increasing opportunities in the dry bulk commodities trade.

With this contract, the Companys new building order book comprises 12 vessels aggregating 0.85 mn dwt (4 LR1 product tankers aggregating 0.30 mn dwt & 8 dry bulk carriers aggregating 0.55 mn dwt).