In December 2016, the company inked contracts with Panama-based Bretta Tanker Holdings to buy two vessels including Jag Leena.
Jag Leena, previously known as Eugenie, was purchased for USD 36.4 million, according to data provided by VesselsValue.
The 157,700 dwt tanker was built by South Korean shipbuilder Samsung Heavy Industries (SHI) in 2010.
Including Jag Leena, G E Shipping’s fleet currently stands at 43 vessels, comprising 28 tankers and 15 dry bulk carriers with an average age of 9.56 years and a total tonnage 3.54 million dwt. Additionally, the company intends to purchase one secondhand Suezmax.
The announcement comes on the back of the company’s financial results for the quarter ended December 31, 2016, which show that G E Shipping delivered a net income of INR 238.36 crores (around USD 36.3 million), lower from a net income of INR 358.13 crores (USD 54.6 million) seen in the same period of 2015.