Great Eastern (GE) Shipping Company, the shipping and offshore service provider, signed a contract to buy a medium range product tanker of about 48,700 dwt on Nov. 04, 2014. The 2004 Japanees built vessel is expected to join the company's fleet in the current quarter.

The company's current fleet stands at 30 vessels, comprising 21 tankers (8 crude carries, 11 product tankers, 2 LPG carries) and 9 dry bulk carriers (1 Capesize, 3 Kamsarmax, 5 supramax) with an average age of 9.8 years aggregating 2.45 mn dwt.

Shares of the company gained Rs 3.55, or 0.9%, to trade at Rs 399.95. The total volume of shares traded was 5,108 at the BSE (2.21 p.m., Wednesday).