Why GE Shipping shares surge 7% today? Details here
Shares of Great Eastern Shipping (GE Shipping) rose around 7% in Friday's trade, tracking market expectations of higher tanker rates due to escalating tensions in the Middle East. As of 11:24 AM, the shares were trading 6.19% higher at Rs 1,035.40.
Roughly half of GE Shipping's fleet comprises crude and product tankers. Any prolonged disruption in the region—particularly involving Iran, which contributes about 2 million barrels per day to global oil supply—may lead to route changes and higher freight rates.
The stock currently trades at a discount of nearly 35% to its net asset value. It remains free cash flow positive and has a strong balance sheet, with around ₹2,000 crore in annual cash generation. As of the latest available data, cash and equivalents account for approximately 40% of the company's ₹14,000 crore market capitalisation.
Great Eastern Shipping shares opened at ₹956.00 and touched a high of ₹1,049.00 during the session. The stock also recorded a low of ₹941.40. It is currently trading between its 52-week high of ₹1,543.70 and 52-week low of ₹797.50.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
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Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at BusinessUpturn.com
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