GE Shipping to expand fleet strength to 16 in two years

Our Corporate Bureau

Mumbai, Aug 31: The Great Eastern Shipping Company Ltd would, in the next two years, add two more ships to its existing fleet strength of 14. GE Shipping, on Friday, signed a contract for two product tankers of 45,500 DWT with The Hanjin Heavy Industries & Construction Company Ltd (HHIC), Korea.

According to a press release, the tankers would be built at their Busan shipyard in Korea. The company has, however, not disclosed the cost of the construction of the two tankers. It had earlier this year announced a 1,700 crore modernisation programme spread over a period of two to three years.

The two product tankers are scheduled to be delivered to the company by 2003.

According to the company, early delivery would enhance GE Shipping’s existing strength of 14 product tankers and is in line with the company’s objective of fleet modernisation.

HHIC is ranked as one of the worlds top 10 shipbuilders with experience in shipbuilding and maintenance ranging from carriers of LPG, LNG, chemicals, oil and petroleum products, bulk and cement carriers to container and special purpose vessels.

GE Shipping managing director Bharat Sheth said, “We are happy to place a repeat order for two product tankers with HHIC for their technical competence and delivery commitment, which has been demonstrated during execution of our earlier orders.”

With this fleet modernisation, the company is gearing up for the IMO regulations which would make it mandatory for all shipping companies to change over from non-double hull tankers to double hull tankers by the year 2015. This is expected to lead to scrapping of 3,000 tankers worldwide.

The company presently has 14 product tankers, three crude oil tankers and one LPG carrier. Among the tankers, six are double hull and four are double side.