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Tuesday, Aug 01, 2006

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GE Shipping net dips 22 pc

Our Bureau

Mumbai , July 31

Great Eastern Shipping Co Ltd has reported a 21.9 per cent dip in net profit in the first quarter of this fiscal at Rs 275.93 crore against Rs 353.42 crore in the corresponding period of last fiscal.

During the quarter, the company's total income was Rs 661.26 crore against Rs 770.93 crore in the corresponding period of last fiscal, a decrease of 14.2 per cent. While its shipping division contributed 79 per cent to the total revenue, its offshore division contributed 17 per cent during the quarter.

Crude carriers earned an average Time Charter Yield (TCY) of about $26,582 per day against $26,922 per day in the corresponding quarter of last fiscal. The average TCY of dry bulk carriers during the quarter was about $15,487 per day against $22,590 per day in the first quarter of last fiscal, representing a 31.44 per cent decline.

The company, which at present has a fleet of 74 vessels comprising 40 ships and 34 offshore vessels, has a new building order book of nine product tankers and five offshore supply vessels.

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