Latest news with #GreatEasternShippingCompany
Economic Times
11 hours ago
- Business
- Economic Times
SCI shares slide 6% as profit-taking, Middle East truce hopes cool shipping rally
Shares of Shipping Corporation of India declined following a rally. Investors booked profits amid hopes of a Middle East truce. This tempered fears of prolonged shipping disruptions. Great Eastern Shipping Company shares also decreased. Tensions in the Middle East previously fueled investor demand for shipping stocks. India relies heavily on Gulf nations for crude oil imports. Tired of too many ads? Remove Ads Profit-booking follows Middle East-driven rally Tired of too many ads? Remove Ads Truce hopes cool panic trade Implications for India Shares of Shipping Corporation of India (SCI) fell as much as 6.1% to Rs 221 on Tuesday, reversing some of the sharp gains from the past two sessions as investors booked profits and growing optimism around a potential truce in the Middle East conflict tempered fears of prolonged disruption to global shipping downturn in SCI shares followed a near 18% rally across the last two sessions, fuelled by expectations of a surge in global tanker rates and mounting concerns over escalating tensions in the Middle East. Shares of peer Great Eastern Shipping Company also retreated, dropping 3.2% to Rs 972.70 on the BSE on Tuesday after gaining over 5% in the previous two shipping counters had seen strong investor demand last week, outpacing a broadly weaker market, after fears of global trade disruptions intensified amid renewed conflict in the Middle East. The surge came after an Israeli pre-emptive strike on Iran's nuclear facilities reportedly killed several top commanders and scientists, stoking fears that Iran might retaliate by closing or disrupting the Strait of Hormuz, a critical artery for global oil and gas appetite had risen on expectations of higher freight and tanker rates, with ships expected to reroute to avoid the volatile region. Any closure of the Strait, a narrow chokepoint handling nearly 30% of seaborne oil and 20% of global LNG, could send energy and shipping prices Tuesday, risk appetite shifted amid signs that equity markets were starting to price in a possible de-escalation. 'Optimism that a truce will be reached appears to be stronger in equity markets than elsewhere,' said Jamie McGeever, Markets Columnist at Reuters. McGeever noted that while 'gold gave back Friday's gains' and oil settled lower after last week's surge, 'equity investors may have it right' in assuming that the broader fallout might be McGeever cautioned, 'It's a very fluid situation, so investors' relief may be short-lived.' He added, 'Unless there is a real adverse oil price shock, it will probably be a similar story this time around, although spiking inflation would be problematic for central banks.'JP Morgan echoed a more measured view, stating that while the Strait of Hormuz is a vital global shipping chokepoint, 'The closure of Hormuz is a low-risk event as Iran would be damaging its own position, both economically and politically, by irritating its main customer.'For India, a prolonged disruption in the Strait of Hormuz could be particularly costly. With over 80% of India's crude oil imports coming from Gulf nations such as Iraq, Saudi Arabia, UAE, and Kuwait, any blockade would tighten supply and likely push up crude prices and shipping that scenario could benefit domestic shipping firms like SCI and GE Shipping through a spike in tanker rates, the broader economic impact, from inflationary pressure to a rise in import costs, could weigh on the market over time.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Business Standard
26-05-2025
- Business
- Business Standard
Great Eastern Shipping Company receives ESG rating from SES ESG Research
Great Eastern Shipping Company announced that SES ESG Research (SES), a SEBI registered ESG Rating provider, has vide its Environmental, Social, and Governance (ESG) report assigned an overall ESG score of 67.2 to the Company for FY 2023-24. The Company has not engaged SES for ESG Rating. SES has independently prepared the report based on data of the Company pertaining to FY 2023-24 available in public domain.
Business Standard
12-05-2025
- Business
- Business Standard
GE Shipping Q4 PAT tanks 60% YoY to Rs 363 cr; declares dividend of Rs 5.40/sh
Great Eastern Shipping Company's (GE Shipping) consolidated net profit tumbled 59.88% to Rs 363.09 crore on an 18.31% decline in revenue from operations to Rs 1,223.04 crore in Q4 FY25 over Q4 FY24. Profit before tax (PBT) stood at Rs 395.87 crore in the March 2025 quarter, down 57.97%, compared with Rs 941.92 crore recorded in the same quarter last year. The earnings before interest, tax, depreciation, and amortization (EBITDA) stood at Rs 721 crore in the fourth quarter of FY25, down 37.46% YoY. Total expenses spiked 24.55% to Rs 977.37 crore in Q4 FY25 over Q4 FY24. During the quarter, the employee benefits expense stood at Rs 874.42 crore (down 1.54% YoY), while depreciation and amortisation expense was at Rs 205.30 crore (up 23.98% YoY). On the segmental front, revenue from shipping stood at Rs 1,001.56 crore (down 28.98% YoY) and revenue from offshore segment stood at Rs 380.06 crore (up 17.12% YoY) during the quarter. Meanwhile, the company declared an interim dividend of Rs 5.40 per share to the equity shareholders of the company. The record date fixed for the purpose of ascertaining the shareholders eligible for receiving interim dividend is 15 May 2025. The interim dividend will be paid to the shareholders on or after 3 June 2025. The company re-appointed Bharat K. Sheth as deputy chairman & managing director of the company for a period of 5 years w.e.f. 1 April 2026, subject to the approval of shareholders at the ensuing annual general meeting. GE Shipping is India's largest private sector shipping service provider, with a strong presence in the international maritime industry. The shipping business operates under two main businesses: dry bulk carriers and tankers. Shares of Great Eastern Shipping Company added 1.32% to end at Rs 875.65 on Friday, 9 May 2025.
Business Standard
10-05-2025
- Business
- Business Standard
Great Eastern Shipping Company consolidated net profit declines 59.88% in the March 2025 quarter
Sales decline 18.32% to Rs 1223.04 crore Net profit of Great Eastern Shipping Company declined 59.88% to Rs 363.09 crore in the quarter ended March 2025 as against Rs 905.08 crore during the previous quarter ended March 2024. Sales declined 18.32% to Rs 1223.04 crore in the quarter ended March 2025 as against Rs 1497.33 crore during the previous quarter ended March 2024. For the full year,net profit declined 10.33% to Rs 2344.26 crore in the year ended March 2025 as against Rs 2614.18 crore during the previous year ended March 2024. Sales rose 1.28% to Rs 5322.54 crore in the year ended March 2025 as against Rs 5255.17 crore during the previous year ended March 2024. Particulars Quarter Ended Year Ended Mar. 2025 Mar. 2024 % Var. Mar. 2025 Mar. 2024 % Var. Sales 1223.041497.33 -18 5322.545255.17 1 OPM % 41.0162.56 - 50.3057.50 - PBDT 601.171041.32 -42 3274.923180.27 3 PBT 395.87875.73 -55 2461.692454.20 0 NP 363.09905.08 -60 2344.262614.18 -10
