DNA money reported that Great Eastern Shipping has outlined a capital expenditure of USD 1.5 billion on fleet expansion in 2009. The investment would be equally distributed on the shipping division and the offshore subsidiary Greatship India and would be funded by a mix of debt and internal accruals.

With an outlay of USD 780 million for shipping division, the company has 6 product tankers and 8 dry bulk vessels on order. The tankers will be delivered by 2009, while the bulk vessels are expected to join the fleet between 2010 or 2011.

This expansion would grow the dry bulk fleet for GE Shipping to 21. The addition of tankers would also stabilize the company's tanker fleet, which had diminished after the company sold off 5 single hull tankers.

The offshore subsidiary, meanwhile, would see an addition of 18 offshore vessels and one jack up drilling rig for USD 725 million. The company has already invested USD 200 million of this.

Mr Ravi Sheth ED of GE Shipping said that "There is a huge shortage of offshore vessels globally, leading to higher charter rates and we are growing our offshore fleet fast to take advantage of this opportunity."