November 20, 2008

GE Shipping eyes greater exposure to spot market

DNA reported that Indian shipping major Eastern Shipping has decided to offer a big chunk of its dry bulk and tanker fleet in the spot market to take advantage of strong shipping rates.

As per report, GE Shipping still has the traditional segmentation of keeping a larger fleet on long time charter. But the company can now capitalize on strong tanker rates as it managed to place some of its time chartered vessels that came up for renewals in the spot market.

Ms Anjali Kumar GE Shipping spokesperson said that “The company would increase its exposure to the spot market as it is bullish on shipping rates. We can re price our ships every few days depending on the market conditions.”

She did not comment on the exact allocation and plan as the company is about to announce its first quarter results.”

GE Shipping currently has a fleet of 41 vessels, comprising 30 tankers and 11 dry bulk carriers with 10.6 years being the average age. It is also looking at increasing its fleet size.