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Friday, February 19, 2010

Great Eastern Shipping Company Ltd:Buy/sell/hold,growth prospects and recomendation,news and results,target price and analysis,views and outlook

Scripscan:Great Eastern Shipping Company Ltd

Story:Shipping industry has witnessed a strong improvement in its operating environment over the past few weeks, as in the key tanker segment, which More Pictures consists of transporting crude and allied petroleum products, there are signs of a pick up in global demand. There has also been a corresponding improvement in spot shipping freight rates.For instance, players such as GE Shipping, the second largest Indian player in this sector, is expected to benefit, thanks to a recent report of the IEA that said that global oil demand is forecast to improve by 1.7% year on year in calendar year 2010. Strong demand conditions for oil and allied products have resulted in tanker spot segment freight rates, such as VLCC at $48, 800 per day levels currently, a sharp jump from the third quarter of FY10.GE Shipping plans to incur a capex of $437 million (nearly Rs 2,020 crore) in its shipping business over the next 18 months. In its offshore division, the company has a capex of $ 406 million (nearly Rs 1,880 crore) for the purchase of 10 more assets, and these would be delivered over the next 15 months.However, analysts fear that such an aggressive capex plan over the next 24 months could lead to a rise in the company’s leverage ratio, going forward.GE Shipping at Rs 270 per share, trades at 7.4 times on a trailing four-quarter basis. Rival, Shipping Corp trades at 14 times and Mercator Lines at 6.2 times. Investors could consider buying into GE Shipping.

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