High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
The Great Eastern Shipping Co Ltd. (G E Shipping) has signed a contract to sell “Jag Pradip”, a Medium Range (MR) product carrier. The 1996 built vessel of about 45,600 WWT will be delivered to the buyers in Q1 FY2013.
G E Shipping is India’s largest private sector shipping company with a fleet 34 vessels, including 24 tankers (9 crude carriers, 14 product tankers, 1 LPG carrier) and 10 dry bulk carriers (1 Capesize, 3 Kamsarmax, 1 Panamax, 4 Supramax, 1 Handymax) with an average age of 8.9 years aggregating 2.62 million DWT.
Neither the value of the deal, nor the buyer, were disclosed.
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