Great Eastern Shipping shares trade lower as firm sells 17-year-old long-range oil tanker

Great Eastern Shipping shares were trading lower during the trading session on Tuesday, July 7, after the company sold a 17-year-old long-range oil tanker, named ‘’Jag Lokesh’ to an undisclosed and unaffiliated third party, according to an exchange filing.

As per the NSE filing, Great Eastern Shipping has contracted to sell its 2009-built Long Range 2 Tanker - Jag Lokesh, to the new buyer, and the ship is set to be delivered in the second quarter of the financial year ending 2026-27.

Jag Lokesh (IMO: 9390599) is an oil products tanker with a deadweight tonnage (dwt) capacity of 105,900, with an overall length of approximately 244.18 metres, and a beam (maximum width below waterline) of 42.03 metres.

Maritime Traffic data suggests that the oil tanker is currently travelling from Katupalli, Chennai to the Port of Tanjung Pelepas, the largest container terminal in Malaysia.

Fleet update

NSE filing suggests that Great Eastern Shipping currently has 40 vessels (including Jag Lokesh) as part of its fleet, comprising of 5 crude oil tankers, 16 product tankers, 4 LPG carriers, 15 dry bulk carriers which amounts to a total deadweight tonnage of 3.24 million dwt.

“The company’s current capacity utilization is close to 100%,” the company said in its exchange filing.

After the ship sale deal is complete, the company also plans to buy one 2015-built second hand Long Range 2 Product Tanker in the second quarter of the fiscal year ending 2026-27.

Why do companies sell ships?

Maritime logistics companies tend to sell their existing ships if they are closing towards the upper limit of operational age, as per regulatory norms. In order to avoid any environmental scrutiny some companies switch to new fleets, while others look for newer age second hand ships in the market.

According to Vessel Finder data, Jag Lokesh oil tanker which is now owned by Great Eastern Shipping was originally a Panama-based oil carrier named "Phoenix Light” registered back in 2009, which was later purchased by the Indian company in September 2017 and renamed into its present status.

Hence, the second-hand oil tanker, Jag Lokesh, has a license to sail up to the total age of 25 years as per the Directorate General of Shipping regulations, in line with IMO norms.

A second-hand Indian flag registered maritime vessel beyond that 25 year limit is subject to heavy regulatory and conditional clauses, and the ship also has to clear certain fitness parameters which will allow it to sail further past the age limit, as per the official norms.

How have GE Shipping shares performed?

Great Eastern Shipping has delivered more than 265% returns to investors in the last five years, over 86% gains in the last three years, and more than 35% returns on their investment in the last one year period, according to NSE data.

So far in the calendar year 2026, Great Eastern Shipping shares have given 24% returns, but have lost 5.5% in the last one month period. The company’s stock was trading 6.7% lower in the last five market sessions on NSE.

Shares of GE Shipping surged to its 52-week high of ₹1,798 on May 19, 2026, while the 52-week low was at ₹913.10 on August 1, 2025, according to the exchange data. The company’s market capitalisation (m-cap) was at ₹19,857 crore as of the trading session on Tuesday, July 7.