Great Eastern Becomes Top Ship Owner in India
The Great Eastern Shipping Co Ltd has overtaken Shipping Corporation of India Ltd to become India’s biggest ship owner by fleet size but ceded the higher
The Great Eastern Shipping Co Ltd has overtaken Shipping Corporation of India Ltd to become India’s biggest ship owner by fleet size but ceded the higher market capitalisation slot to SCI as its scrip galloped in the run-up to the issue of expression of interest for the privatisation of the state-run carrier. In terms of fleet size, Great Eastern now owns 69 ships compared to SCI’s 59. Unlike SCI, the Great Eastern Shipping is very active in the second-hand sale-purchase market, buying nine ships since FY18 and selling seven ships for further trading/scrapping.
SCI’s 59 ships translate into a total tonnage of 5.29 million dead weight tonnes, representing 35 per cent of India’s total tonnage. SCI’s fleet of 59 ships includes two container ships, 13 crude oil carriers, 15 dry bulk carriers, one liquefied petroleum gas, ammonia carrier, ten off-shore supply vessels, 13 product carriers and five very large crude carriers.
In comparison, Great Eastern’s 69 ships have a tonnage of 3.86 million DWT (excluding the four oil drilling rigs), accounting for a 25 per cent share of the country’s shipping tonnage. Great Eastern owns 69 ships comprising 11 crude oil tankers, 17 product tankers, 5 LPG carriers, 13 dry bulk carriers, 19 off-shore vessels and four oil drilling rigs.