Great Eastern Shipping gets rid of 19-year-old suezmax

Great Eastern Shipping, a major shipowner in India, has decided to sell one of its older ships, the Jag Lalit. This ship is a large crude oil tanker, built in 2005, and the company has agreed to sell it to an unnamed buyer. The deal was made on Friday, and the ship is expected to be delivered to its new owner by the third quarter of the fiscal year 2025.

The Jag Lalit is a suezmax tanker, meaning it can carry up to 158,344 deadweight tons (dwt) of crude oil. After the sale, Great Eastern Shipping will still have a big fleet. Right now, the company owns 43 ships. These include 29 tankers, which are ships that carry liquid cargo like oil or gas. Six of these tankers carry crude oil, 19 are product tankers, which carry things like gasoline or diesel, and four are LPG (liquefied petroleum gas) carriers. The company also owns 14 dry bulk carriers, which transport things like coal or grain. These include two large capesize ships, eight medium-sized kamsarmax ships, and four supramax ships, together making up 3.41 million dwt.

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This sale is part of Great Eastern Shipping’s ongoing efforts to update its fleet. The company recently sold another tanker, a medium-range (MR) product tanker, and a dry bulk carrier. Both of these ships are expected to be delivered to their new owners by the third quarter of fiscal year 2025 as well.

Great Eastern Shipping’s plan to refresh its fleet was also seen when it bought a newer tanker just a month ago. In that deal, the company purchased a 2013-built ship called STI Beryl from Scorpio Tankers for $36.6 million. By selling older ships and bringing in newer ones, the company aims to keep its fleet modern and efficient.