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GE Shipping doubles 1Q PBT

Jul 26, 2001

GE Shipping has reported over 100% jump in profits before tax, on a topline growth of 46%. Profit growth was partly fueled by a 22% reduction in interest cost.

Shipping: Will freight rates sustain?

May 17, 2001

One of the key beneficiaries of a 3.5% growth in world trade last year was the shipping industry. Though growth waned in the last quarter of FY01, both exports and imports registered good growth during this period. But given the fact that the US economy is slowing down, are we going to witness a slump in freight rates in the coming year?

GE Shipping: A focused approach

May 9, 2001

The Great Eastern Shipping Company (Gesco) had its analyst meet yesterday where it discussed its current year performance, the outlook for FY02 and its future strategies for growth.

GE Shipping: Money spinning FY01

May 3, 2001

The Great Eastern Shipping Company has reported a 100% growth in net profits for the fourth quarter ended 31st March 2001 to Rs 646 m. Sales for the fourth quarter have also gone up by 30% to Rs 3,006 m, which is primarily on account of a 98% rise in freight and demurrage income. However, the sales would have been higher except for a fall in income from project division (the company hived off this unit last year) and marine engineering division.

GE Shipping: What's on the anvil?

May 3, 2001

The Great Eastern Shipping Company (Gesco) is slated to announce its fourth quarter results today. Given the fact that the freight rates have softened, after touching decade high levels, can the company sustain its robust bottomline growth in the current quarter also?

SCI: The clear winner

May 2, 2001

The Shipping Corporation of India (SCI), the government owned shipping major, has reported a 149% growth in net profits to Rs 4,016 m for the year ended 31st March 2001. The buoyant tanker rates, which touched its decades high in the second half of the current year, have helped the company in improving its per voyage realisations as well as the operating margins.

Shipping: Tapering growth rates

Apr 12, 2001

After an eventful year thanks to the buoyant freight rates, it seems that the dust has settled down for the shipping companies. Major economies like US, Japan and Europe have scaled down their economic growth projections by an average of 50 basis points, which does not augur well for these companies.

SCI: LNG materialises

Mar 19, 2001

The consortium of The Shipping Corporation of India (SCI) and Mitsui OSK Lines of Japan has won the much-awaited Petronet Liquefied Natural Gas (LNG transportation contract). The contract is estimated to be worth US$ 400 m. The other two companies in the SCI-Mitsui consortium include Kawasaki Shipping and NYK.

Shipping: Order book concerns

Mar 13, 2001

After touching historically high levels of earnings (US$ 50,000 per day) in September 2000, tanker rates have softened in the current year. The decline in freight rates is sharper for very large crude carriers (VLCCs) and Suezmax carriers. But, Aframax rates are on the rise

Sun shines, but still miles to go...

Mar 10, 2001

The fiscal year 2000-01 has reversed fortunes for the shipping industry with freight rates touching their historically high levels. As a result, shipping companies are reaping the benefits in form of higher margins and profits. But, inadequate government reforms have been a drag on the Indian shipping companies. We take a closer look at the challenges and opportunities for the Indian companies.

Shipping: Balanced budget

Mar 5, 2001

Though the industry bigwigs from shipping companies were demanding everything right from infrastructure status, tonnage tax to an increase in depreciation rate, the budget failed to address the concerns of shipping companies.

Shipping: Tonnage tax to the rescue

Feb 23, 2001

This year has been a memorable one for shipping companies with freight rates touching its 20 year high levels. The resultant effect is apparent from the first nine months performance of Indian shipping behemoths like Great Eastern Shipping and Shipping Corporation of India. Net profits have gone up by more than 100% backed by a significant growth in operating margins. However, these companies have not been able to increase aggregate tonnage till now. What has been the dampener?

GE Shipping: Robust profit growth

Feb 1, 2001

The Great Eastern Shipping Company has reported a sharp 123% rise in net profit for the third quarter ended 31st December 2000 to Rs 415 m. Though sales declined by 9% to Rs 2,473 m, the company has trimmed its expenses at the operating level, which has resulted in sharp expansion in operating margins from 28% in 3QFY00 to 41% in 3QFY01. But, the decline in sales was primarily on account of nil income from projects (marine construction) in 3QFY01 as against Rs 520 m in 3QFY00. If one were to exc

SCI – Hidden value?

Nov 16, 2000

Shipping Corporation of India’s (SCI) share price has moved up sharply on the bourses. This could be attributed towards the proposed disinvestment of the company. The hardening freight rates and improving fundamentals of the global shipping industry seem to have also contributed to this surge.

GE Shipping buy-back at Rs 42

Oct 31, 2000

The Great Eastern Shipping Company (Gesco) has posted a 25% drop in net profits for the second quarter ended 30th September 2000. However, this is primarily because of lower extraordinary income from sale of ships to the extent of Rs 2 m in 2QFY01 (Rs 380 m in 2QFY00). Operating profits have almost doubled compared to respective previous quarter, with margins moving up from 30% in 2QFY00 to 40% in 2QFY01.

Set to cruise on perked up world trade

Jul 8, 2000

After a rough patch during the Southeast Asian crises, lady luck seems to be smiling at the shipping sector. This is because, globally freight rates are moving up and the global trade scenario looks promising (Japan is staging a recovery, US economy is booming and prospects in South East Asian economy are encouraging).

Management focus holds the key...

Jul 8, 2000

One of India’s shipping ‘greats’, The Great Eastern Shipping Corporation (GESCO) owns around 15 percent of the country's fleet. The average age of the fleet is around 14 years. It is the largest private operator of Offshore Support Vessels (OSVs) in India, which are mainly chartered to Oil and Natural Gas Corporation.

GE Shipping bottomline zooms 187%

Jul 7, 2000

Great Eastern Shipping Company has posted a stunning 187% rise in net profit for the first quarter ended FY01. The operating margins was also up sharply from 32% to 42%.

Shipping Corporation of India– Glimpse of hope?

Jun 24, 2000

The government has proposed to bring down its holding in Shipping Corporation of India (SCI), one of the mini-ratna’s, from 80% to 40%. The long awaited disinvestment has finally taken off (atleast in resolution!).

Baltic freight index – Gaining momentum

May 29, 2000

During the Southeast Asian crisis, increased available tonnage (capacity) and reduced demand for the same had affected the freight rates. But freight rates are now showing signs of recovery. Both the Baltic Freight Index and Baltic Handy index seem to be bottoming out from their previous years’ lows.

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