Shipping shares in focus; GE Shipping surges 14% to hit over 3-year high
Shares of shipping companies were in focus at the bourses, on Wednesday, with the stock of Great Eastern (GE) Shipping hitting an over three-year high of Rs 391.80 after rallying 14 per cent on the BSE in intra-day trade. The stock surpassed its previous high of Rs 349.75, touched on Tuesday. It is trading at its highest level since February 2018.
Among the other individual stocks, Shreyas Shipping & Logistics was locked in 20 per cent upper circuit at Rs 98, also its 52-week high, on the BSE. Essar Shipping soared 17 per cent to Rs 9.26 on the BSE, followed by Shipping Corporation of India (7 per cent to Rs 114.70) and Seacoast Shipping Services (up 3 per cent at Rs 161). In comparison, the S&P BSE Sensex was up 0.48 per cent at 48,486 points, at 12:26 pm.
Shreyas Shipping & Logistics rose 1.26% to Rs 84.40 after the company signed a memorandum of agreement (MoA) for sale of one of its container vessel, SSL Balaji.
The scrip extended gains for third consecutive day. The stock has added 7.38% in three sessions, from its recent closing low of Rs 78.60 recorded on 12 March 2021.
On a year-to-date (YTD) basis, the stock has gained 32.81% while the benchmark Sensex has advanced 5.27% during the same period.
Shreyas Shipping and Logistics is a pioneer and market leader in domestic coastal container shipping covering all main ports and container terminals on the Indian coast. SSL, which has a fleet of 13 vessels with a capacity of over 23,000 TEUs, also offers services to the Middle East and Bangladesh.
Seven Islands Shipping Weighs Entry Into Gas And Container Shipping
Seven Islands Shipping Ltd (SISL) is weighing a potential entry into gas carriers and container ship segments, buoyed by the surge in freight rates.
SISL is India’s second biggest private oil tanker shipping company backed by Indian born Canadian businessman Prem Watsa-led Fairfax.
“Until now, SISL had only owned and operated tankers that transported liquid cargo. But, based on the current ship prices and charter rates, it sees potential for better growth from gas carrier and containers. They are in the process of assessing this opportunity in greater detail,” Prem Watsa, Chairman, Fairfax India Holdings Corporation, told shareholders in a March 5 letter.
Seven Islands Shipping weighs entry into gas and container shipping thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
Adani Logistics, Shreyas Shipping among companies keen on running specialised vessels between Indian ports
March 01, 2021
Dilip Kumar Gupta , MD & Director (projects), Sagarmala Development Company Ltd - Bijoy Ghosh×
Ink MoUs with Sagarmala Development Company
Indigo Seaways, Pushpak Logistics, Adani Logistics, JM Baxi, Shreyas Shipping, Esquire Shipping and Trading are among the 21 companies that have signed MoUs with Sagarmala Development Company Limited (SDCL) to explore and operationalise running of specialised vessels along various origin and destination points along the sea or water routes.
SDCL will extend all support in getting clearances, acquiring land, setting up supporting infrastructure, among others, Dilip Kumar Gupta, MD and Director (projects), SDCL, said in a conference here on Monday.