Great Eastern Expands Bulk Fleet with $25 Million Purchase of Japanese-Built Ultramax
Mumbai | 4 August 2025
Mumbai-listed shipping major Great Eastern Shipping Company (GE Shipping) is poised to expand its dry bulk fleet with the acquisition of a modern Ultramax bulker, according to a recent regulatory filing. The unnamed vessel, with a deadweight tonnage (dwt) of 81,843, is expected to be delivered to the company by October this year.
While the company has not disclosed the vessel’s identity or purchase price, shipbrokers have linked the deal to the Ultra Lion, a Japanese-built Ultramax currently owned by Kambara Kisen. Built at the Tsuneishi Zhoushan shipyard, the Ultra Lion is considered a high-specification vessel in the global dry bulk market.
Industry valuation platform VesselsValue pegs the market worth of such a ship at approximately $22 million. However, broker sources indicate that GE Shipping may have paid closer to $25 million, reflecting heightened interest in well-maintained secondhand tonnage amid firm charter rates and limited newbuild deliveries.
The acquisition will bring GE Shipping’s dry bulk fleet to 13 vessels and increase its overall fleet size to 39 ships, comprising both tankers and bulk carriers. The company’s current portfolio includes 26 tankers—covering crude oil, refined products, and liquefied petroleum gas (LPG)—and 12 bulk carriers. With the addition of the new Ultramax, the company’s combined fleet capacity will rise to approximately 3.13 million dwt.
In its filing, GE Shipping said the latest purchase fits into its “long-term strategy to modernise and optimise the fleet,” aimed at maintaining high operational efficiency while reducing the average age of vessels. The company’s average fleet utilisation has reportedly remained close to 100% over recent quarters, supported by robust demand across both tanker and bulk segments.
This new investment follows a period of portfolio realignment earlier in the year, when GE Shipping sold off two older vessels: the 2005-built MR tanker Jag Pooja and the 2011-built Supramax bulker Jag Rishi. The divestments brought in around $24 million, which the company said would be used to recycle capital into newer, more efficient tonnage.
Shipping analysts view the move as part of GE Shipping’s disciplined approach to fleet management. “Great Eastern has been very pragmatic about its asset play,” said a Mumbai-based maritime analyst. “They have been selling older vessels near the top of their valuation cycles and redeploying capital into newer ships with longer economic life. This purchase is consistent with that strategy.”
The choice of a Japanese-built Ultramax is seen as a positive for both commercial and operational reasons. Ships built at Tsuneishi Zhoushan, a renowned name in shipbuilding, are known for their fuel efficiency and reliability—critical attributes in today’s high-cost operating environment.
The dry bulk market has seen a moderate recovery in 2025 after a subdued 2024, buoyed by increased grain and coal shipments and cautious newbuild ordering activity. Charter rates for Ultramax bulkers have remained firm, encouraging secondhand transactions in the $20–25 million range for vessels under 10 years old.
With no official confirmation yet, all eyes remain on whether the Ultra Lion is indeed the latest addition to GE Shipping’s portfolio. However, irrespective of the vessel’s name, the purchase underscores the company’s continued belief in the long-term fundamentals of the dry bulk sector.
As of now, GE Shipping has not commented on the timeline for integrating the vessel into operations or potential charter arrangements. The transaction is expected to close in the next two months, subject to customary closing conditions.
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