India’s largest private sector shipping company, Great Eastern Shipping Company Ltd (GE Shipping) has announced that the company has signed a contract to sell its non-double hull panamax product carrier "Jag Anjali".

The 1986 built, 66,203 dwt vessel was acquired in April 2003 .The ship is scheduled to be delivered during the fourth quarter of FY 2008, an official release said.

The decision to sell this ship is in line with the Company's overall strategy of reducing its presence in the non-double hull tanker fleet. In line with the same view, the Company had sold its 2 non-double hull Aframax tankers "Jag Labh" and "Jag Leher" in Q3 FY 2008.

The Company's new building order book comprises 12 vessels aggregating 0.85 mn dwt (4 LR1 product tankers aggregating 0.30 mn dwt & 8 dry bulk carriers aggregating 0.55 mn dwt).

GE Shipping has presence in two main sectors of shipping and offshore. The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities while, the offshore business services to the oil companies in carrying out offshore exploration and production activities, through its wholly owned subsidiary Greatship (India) Limited.

The company had registered a net profit of Rs 343 crore for the quarter ended September 2007 against Rs. 236 crore for the same period corresponding year.

At 12:45 pm, the stock was quoting at Rs 518 on NSE. It has touched an intraday high of Rs 524 and an intraday low of Rs 505.