G E Shipping Buys Suezmax Crude Carrier

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  • As Rotterdam Port Fund sets to Invest in Port-Related Firms

Mumbai-based Great Eastern Shipping (G E Shipping) has signed a contract to buy a 150,000 dwt Suezmax crude carrier.

The company said that the 2000-built vessel is expected to join its fleet in the fourth quarter of fiscal year 2017.

Earlier in December, G E Shipping took delivery of a secondhand Supramax dry bulk carrier Jag Radha, built in 2009.

The 58,000 dwt vessel, previously known as Star Manx, was purchased from the Isle of Man-based shipping company LT Ugland Shipping in October 2016.

Great Eastern Shipping’s fleet currently stands at 38 vessels, comprising 24 tankers and 14 dry bulk carriers, with an average age of 8.89 years.

Additionally, the company has one newbuilding Kamsarmax on order and expects the delivery of two secondhand Aframaxes.

Meanwhile,  the Dutch Port of Rotterdam, along with a number of investors, has taken part in developing the Rotterdam Port Fund, a new EUR 75 million closed-end investment fund aimed at fast-growing, innovative companies that contribute to a transition of the port economy.

The Netherlands-based NIBC Bank is joining forced with the port, as well as with Royal Doeksen, Rotterdam entrepreneurs Peter Goedvolk and Luc Braams, and InnovationQuarter, the regional development company for the Zuid-Holland province, as investors in the new fund.

According to NIBC, the Rotterdam Port Fund is independently managed and is aiming to build a portfolio of 10-15 innovative, growth-focused, port-related companies, primarily in the Netherlands and Belgium.

Additionally, aiming for optimal returns for its investors, the fund will look to invest in companies whose operations are sustainable.

“Trends such as the rise of Asia, the energy transition, the integration of logistics chains and the shift to a circular economy all have major consequences for the environment in which a port operates,” Bastiaan van der Knaap, fund manager, said.

“These trends create not only risks, but also – and more importantly – new opportunities, and we want to grab those opportunities with the Rotterdam Port Fund,” he added.

World Maritime News