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GE Shipping benefits as freight rates rise and cash builds for expansion

Only about 25-26% of GE Shipping’s tonnage is tied to time charters, helping it lean on the spot market as Suezmax rates topped $143,000 per day in the June quarter.

Reported · Written up by our desk · Asia

LiveMint Markets reports that Great Eastern Shipping Co, or GE Shipping, is benefiting from a sharp rise in freight rates amid disruptions to global trade flows tied to the Russia-Ukraine war and the West Asia war.

The company operates 40 vessels, with 25 crude oil and product tankers and 15 dry bulk carriers. With only about 25-26% of its tonnage operating under time charters, GE Shipping has a larger share exposed to spot rates, which have surged.

LiveMint Markets says average Suezmax rates in the June quarter, labeled Q1FY27, more than tripled to $143,000 per day from Q1FY26. Freight rates for other segments rose by 70-180%.

The outlet reports that consolidated EBITDA rose 110% year-on-year to ₹1,327 crore last quarter. With a cash reserve of ₹8,000 crore, GE Shipping says it has room to make counter-cyclical fleet acquisitions when the shipping cycle turns.

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