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GE Shipping shares gain in sixth out of seven sessions, end at 52-week high

GE Shipping shares gain in sixth out of seven sessions, end at 52-week high

GE Shipping shares gain in sixth out of seven sessions, end at 52-week high
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By CNBCTV18.com Nov 21, 2022 8:57:07 PM IST (Published)

The company has set the record date for the interim dividend as November 23.

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Shares of the country’s largest private sector shipping firm Great Eastern Shipping Company hit a fresh 52-week high in intraday trading on Monday before cooling off. However, the shares ended with gains.
The shipping major’s Board declared an interim dividend of Rs 7.2 per share to eligible equity shareholders of the company while announcing its financial results for the September-ending quarter.
The company has set the record date for the interim dividend as November 23, and the dividend will be paid on or before November 6.
GE Shipping reported its highest-ever half-yearly profits, along with the highest Net Asset Value in the first half of the ongoing fiscal year.
In an interaction with CNBC-TV18 last week, G Shivakumar of GE Shipping said that the company's Dry Bulk segment is witnessing some weakness.
Shivakumar also said that the company would want to do some capex but prices are above their comfort level. He highlighted breakeven prices for some of their segments:
  • Product and Dry Bulk: $10,000 - $12,000 per day
  • Crude Tankers: $12,000 per day
  • Overall Fleet: $11,000 to $12,000 per day
  • Shivakumar mentioned that crude carrier prices are improving but dry bulk charter rates are witnessing some softness.
    Shares of GE Shipping ended 1.1 percent higher at Rs 630.65.
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