SENSEX NIFTY
Great Eastern Shipping Company > Company History > Shipping > Company History of Great Eastern Shipping Company - BSE: 500620, NSE: GESHIP
YOU ARE HERE > MONEYCONTROL > MARKETS > SHIPPING > COMPANY BACKGROUND - Great Eastern Shipping Company
Great Eastern Shipping Company
BSE: 500620|NSE: GESHIP|ISIN: INE017A01032|SECTOR: Shipping
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Jul 24, 17:00
361.55
0.1 (0.03%)
VOLUME 3,315
LIVE
NSE
Jul 24, 17:00
362.00
0.15 (0.04%)
VOLUME 334,944
Company History - Great Eastern Shipping Company
1948
 
 - The company was incorporated at Mumbai.  The company has been
 promoted by A H Bhiwandiwalla & Co. (Mumbai) Pvt. Ltd.  The main
 activities of the company to own, purchase, charter ships, boats &
 sea
 going vessels.
 
 - The Company operates regular cargo services on the Indian coast
 and
 in adjacent waters and carries mineral oil products on the Indian
 coast
 under charter.  It also carries on overseas liner service between
 west
 coast of Canada, U.S.A. and India.  The Company also acts as agents
 for
 foreign shipping companies amongst whom the important ones are
 Yasmashita-Shinnihom Steamship Co., Ltd., Tokyo and Stanhope
 Steamship
 Co. Ltd., London.
 
 1984
 
 - M/s. Suvibha Investment Co. Ltd & Great Eastern Shipping Co. Ltd.
 are subsidiaries of the company.
 
 - The Company issued 12,77,500-13.5% secured redeemable convertible
 bonds of Rs 100 each as rights to equity shareholders in the propn.
 1
 bond: 20 equity.  50% of the amount paid upon each bond will
 compulsorily and automatically be converted into 5 equity shares of
 Rs
 10 each at par on 1st September, 1985.
 
 - The balance 50% of each bond will, at the option of the
 bondholder,
 be converted into 5 equity shares of Rs 10 each at par on 1st
 September, 1987.  This option will have to be exercised by the
 bondholders between 1st March, 1987 and 31st July, 1987 only once.
 
 - The Company gave the bondholders an additional option to convert
 into
 equity shares the balance portion of Rs 50 per bond into 5 equity
 shares of the Company at par during the period from 1st March, 1986
 to
 30th April, 1986.
 
 - Upon exercise of this option, 11,21,856 bonds were converted into
 56,09,280 No. of equity shares and the shares also had the right to
 apply for the rights equity shares offered during October 1986.
 Additional 1,42,833 bonds were converted into equity shares on 1st
 September, 1987.
 
 1985
 
 - The London branch of the Company was converted into a wholly owned
 subsidiary under the name and style of The Great Eastern Shipping
 Company (London) Limited.
 
 1986
 
 - 1,87,78,893 Right equity shares issued at par in prop. 1:2.
 46,94,723
 additional shares allotted to retain over subscription. 
 Unsubscribed
 portion of 6,41,807 shares out of the employees quota were also
 allotted to shareholders.  Allotted 3,16,300 shares to empllyees and
 3,83,243 shares to business associates. 11,000 shares allotted at
 par
 in conversion of debs. 30,00,000 shares allotted to IFC Washington at
 a
 prem. of Rs 3 per share.
 
 1987
 
 - 6,92,620 No. of equity shares allotted at par on 1.9.1987 in
 conversion of 13 1/2% bonds.  30,00,000 No. of equity shares
 allotted
 at a prem. of Rs 6.87 per share to IFC Washington on 18.3.1988
 (partly
 in conversion of loan to the extend of .025 million and the
 balance
 for cash).
 
 1988
 
 - The Company acquired four ships and renamed then as Jag Vijay, Jag
 Rani, Jag Rahat and Jag Kala.
 
 1989
 
 - The Company acquired three more bulk carriers and renamed them as
 m.v. Jag Ratna, m.v. Jag Vikas and m.v. Jag Ravi.  Another bulk
 carrier was renamed on m.v. Jag Rashmi.
 
 - Memorandum of Agreements were signed to purchase five Offshore
 Supply
 Vessels (OSV) with a view to cater to both ONGC and Oil India, Ltd.
 
 1990
 
 - Suvibha Investment Co. Ltd. changed its name to Prime Securities
 Ltd.
 
 - The Company however, switched its trade patterns increasingly to
 voyage charter which meant large operating reserves but also much
 additional costs on account of bunkers, port dues, light and canal
 dues
 etc. Added to these was the slow but continuing deteriorations of
 the
 value of Rupee which added to the expenditure incurred.  The Four
 secondhand offshore supply vessels (OSVs) contracted by the Company
 were delivered in July and September.
 
 - The Company acquired 5 more ships of which one was a bulk carrier
 and
 the other 4 were offshore supply vessels.
 
 - On 3rd July, two out of the said five OSVs were acquired and were
 renamed as Malaviya Five and Malaviya Six.
 
 - IFC(W), exercised their last conversion option by converting part
 of
 the outstanding loan into 3.25 million equity shares of Rs 10 each at
 a
 premium of Rs 16.44 per share.  With this conversion, IFC(W) as at
 31.3.1991 holds 8.25 million equity shares of the Company.
 
 - On 6th December, 32,50,000 No. of equity shares were allotted to
 International Finance Corporation, Washington.  This was in terms of
 their right to convert the balance of loans.
 
 1991
 
 - The profits from the various shipping activities of the Company
 were
 helped in rupee terms due to two successive devaluations of the
 Rupee
 vis-a-vis the Dollar in July.
 
 - The Company embarked on a replacement-cum-modernisation programme.
 
 - With a view to finance in part the foreign exchange cost of
 acquisition of ships, the Company was in the process of typing up a
 US
 $ 60 million loan with the International Finance Corporation,
 Washington.
 
 - Gesco had entered the property business when real estate prices
 were
 booming.
 
 - GREAT Eastern Shipping Co Ltd has issued bonds worth Rs 300m
 through
 private placement to finance its capital expenditure and corporate
 requirements.
 
 - The company acquired one 1984 built handymax bulk carrier and 1982
 built product carrier.  This was part of the Company's replacement
 and
 modernisation programme.
 
 - With the merger of GAL Offshore Services Ltd., the offshore
 division
 commissioned of 3 distinct activities viz. (i) operation of tugs
 comprising offshore supply vessels, harbour tugs and anchor handling
 tugs (ii) Oil drilling and (iii) offshore constructions.
 
 - 142,63,074 bonus shares issued in prop. 1:5.
 
 1992
 
 - The real estate-division a relatively new division, started
 developing some of its properties and presently has 500,000 sq. ft.
 available for development.
 
 - The Company was the first to acquire ships under the
 self-financing
 scheme.  Under this scheme, ships have been purchased by arranging
 exchange credit abroad and foreign exchange loans.  The Company
 succeeded in acquiring 5 ships under this scheme.
 
 - The Company was the first Indian Company to acquire a tanker and
 was
 also the first to engage in overseas tramp trade on a large scale. 
 The
 Company also owns two bulk oil tanks at Willington Island (Cochin)
 of
 250 tonnes capacity.
 
 - During December the Company offered 855,78,445 No. of equity
 shares
 of Rs 10 each at par on rights basis in the propn. of 1:1.  (all
 were
 taken up) (154393 shares kept in abeyance).
 
 - Another 42,78,922 No. of equity shares of Rs 10 each at par were
 offered to the employees of the Company on an equitable basis.
 (241750
 shares taken up).
 
 1993
 
 - The Company was also proposing a Euro Qollor Issue of upto US $
 100
 million some time.
 
 - Subject to necessary approvals, the Company merged with A.H.
 Bhiwandiwalla & Co. Ltd.  together with its two wholly owned
 subsidiaries, namely Dhirvijay Investments Pvt. Ltd. and MDSV
 Investments & Trading Pvt. Ltd. with the Company.
 
 - As per the Scheme of Amalgamation, 36,75,974 shares were allotted.
 35 No. of equity shares of Rs 10 each of the company were to be
 allotted against every one share of A.H. Bhiwandiwalla & Co. of Rs
 10
 each to the shareholders of A.H. Bhiwandiwalla & Co. Ltd.
 
 - ICICI Ltd. was allotted 20,80,000 No. of equity shares of Rs 10/-
 each at a premium of Rs 30 each on 17th September.  The allotment of
 shares was done by conversion of rupee loans as per the option
 exercised by SCTCI Ltd. in terms of the loan agreements.
 
 1994
 
 - The trading division suffered a set back due to unexpected change
 in
 government policy on sugar.
 
 - The Company offered 7,08,63,245 No. of equity shares of Rs 10 each
 for cash at par to the shareholders of the company in propn. 2:5
 shares.  (only 7,02,24,665 shares taken up).
 
 - On 22nd February, the Company issued 6,273,500 GDRs representing
 31,367,500 No. of equity shares.  Each GDR was priced at US .94
 and
 each GDR represents 5 equity shares of the company.  These shares
 were
 issued at a premium of Rs 90/- per share.  The underlying shares,
 amounting to 31,367,500 No. of equity shares were allotted in favour
 of
 Bank of New York.
 
 - Subject to necessary approvals being obtained, the Company
 proposed
 to merge GAL Offshore Services Ltd., with itself.
 
 1995
 
 - The Company identified charter opportunities with leading
 multinational corporations.
 
 - To provide efficient service for coastal movement the Company
 placed
 order for 4 mini bulk carriers at an Indian Yard entailing.
 
 - 84,81,615 No. of equity shares allotted to the shareholders of GAL
 pursuant to the merger.
 
 1996
 
 - The performance of the property development division suffered due
 to
 a lack lustre property market.
 
 - The Offshore Division with its fleet of 10 vessels continued to be
 the largest private operator of offshore support vessels in the
 country.
 
 - 18,263 forfeited shares issued.
 
 1997
 
 - Operation of the bulk carriers were adversely affected due to
 turbulence in Asia with the freight market declining for all
 categories
 of ships.
 
 - The Company entered into contract for the acquisition of 2 Aframax
 tankers from Samsung Heavy Industries Co. Ltd., Korea.
 
 - 2,790 No. of equity shares kept in abeyance issued.
 
 - The offshore division of the Great Eastern Shipping Company has
 been
 awarded a certificate conforming to the quality system standard
 ISO-9002 by the Norwegian classification society Det Norske Veritas,
 Great Eastern, has the distinction of being the first Indian company
 operating offshore vessels to be awarded this certificate.
 
 - Great Eastern Shipping Company Ltd, Dabur India Ltd and Ranbaxy
 Laboratories Ltd.  have signed agreements with NSDL to get their
 securities admitted for dematerialisation at NSDL.
 
 - Great Eastern Shipping, the country's largest private sector
 shipping
 company, is setting up a joint venture with Singapore Technologies
 Construction Pte Ltd to build executive apartment hotels, convention
 service centres and multiplex plazas.
 
 1998
 
 - Three shipping firms -- the Shipping Corporation of India, Varun
 Shipping and Great Eastern Company (Gesco) -- have joined hands to
 form
 a `pool' to transport liquefied petroleum gas (LPG) imported on
 free-on-board (FoB) basis.
 
 - Great Eastern is the second Indian company (first being the
 Shipping
 Corporation of India) to announce its plan to enter the LNG trade.
 
 - 39,286 No. of equity shares kept in abeyance issued.
 
 1999
 
 - Singapore-based SembCorp Construction may pick up a stake in the
 demerged property business of Great Eastern Shipping Company
 (Gesco).
 
 - GREAT Eastern Shipping Co Ltd has issued bonds worth Rs 300m
 through
 private placement to finance its capital expenditure and corporate
 requirements.
 
 2000
 
 - Property firm Gesco Corporation, a subsidiary of the company, will
 get listed on major stock exchanges of the country.
 
 - Great Eastern Shipping Company has purchased 2,91,015 No. of
 equity
 shares of Rs. 10 each from the open market on stock exchanges under
 the
 buyback scheme of the company.
 
 2001
 
 - The Company purchased 15,52,297 No. of Equity shares of Rs 10 each
 from the open market on the stock exchanges undr the buyback scheme
 of
 the company.
 
 - The company has informed the Bombay Stock Exchange that it has
 purchased 1,18,449 shares of Rs 10 each from the open market on 7th
 February, under the buy-back scheme of the company.
 
 2001
 
 - Great Eastern Shipping on May 15 launched an issue of secured
 non-convertible debentures in a bid to raise Rs 90 crore .16
 million, on May 15.
 
 - The bonds are rated AAA by Credit Rating Information Services of
 India, indicating highest safety.
 
 2002
 
 -Great Eastern has informed BSE that according to the buyback scheme
 from the
 open market the company has purchased 2,35,825 shares.
 
 -Great Eastern Shipping has pre-paid its outstanding loans of
 .468million 
 to ICICI.
 
 -Gesco informs  BSE that it has entered into a joint venture
 agreement amongst
 Quatar General Petroleum Corporation (QGPC)  and U B Air  Pvt ltd.
 and 
 united Helicharters Pvt Ltd.
 
 2003
 
 -Great Eastern Shipping withdraws itself from the bidding for
 shipping corporation
 of India.
 
 -Great Eastern Shipping has informed BSE that it has placed a huge
 order for 
 45,500 metric tons  new building product tanker with Hanjin Heavy
 Industries and Construction Co. Ltd, South Korea.
 
 -Great Eastern shipping has inducted HDFC MD Keki Mistry and AFL Ltd
 CMD Cyrus Guzder
 on its board.
 
 -Gesco has taken delivery of 66,183dwt Panamax product carrier, now
 named Jag Arpan, built at Hyundai Heavy Industries. 
 
 -Great Eastern Shipping Company Ltd. has entered into new building
 contract for a
 159,000 DWT Suexmax crude  Carrier with Hyundai Heavy Industries Co
 Ltd.
 
 -Gesco took the delivery of new built Afarmax crude carrier 'Jag
 Lata' from Hyundai Sambho
 Heavy Industries Co ltd.
 
 -GE Shipping has informed BSE that it has taken delivery of its new
 building MR Product tanker
 'Jag Pankhi' from Hanjin Heavy Industries and Construction company
 Ltd.
 
 -Great Eastern Company has entered into a ship building contract with
 Aker Aukra AS, for
 construction of a new building platform supply Vessel (PSV).
 
 -Great Eastern Company along with Mercator Lines  and Shipping
 Corporation of India has 
 bagged the lighterage contract from Indian Oil Corporation.to move
 crude oil on the east coast.
 
 - Signed contract for new building Platform Supply Vessel (PSV)
 
 -Great Eastern Shipping Company Ltd is undergoing further expansion.
 The company has contracted a 107592 dwt Aframax crude carrier
 
 -Company has informed that the company signed a contract for
 acquiring a 152485 dwt Suexmax crude carrier. The 1989 built vessel
 will join the company's fleet by the end of December 2003.
 
 2004
 
 -Signs a contract to acquire a 1983 built geared Handymax Dry Bulk
 Carrier 37092 dwt vessel built in Japan
 
 -Sells the 1998 built, 2137 dwt mini bulk carrier 'GE 4
 
 -Great Eastern Shipping Company Ltd has informed that the Company has
 contracted two 80T Bollard Pull (BP) Anchor Handling Tug Supply
 Vessels (AHTSVs) to be built at Bharati Shipyard
 
 -GE Shipping inks deal to build 2 new carriers
 
 2005
 
 -GE Shipping wins crude supply order for MRPL
 
 -GE Shipping acquires 26-pc stake in USL
 
 -GE Shipping sells a dry bulk carrier Jag Radha
 
 2006
 
 -Greatship (India) Ltd, a wholly owned subsidiary of GE Shipping Co
 Ltd, has signed a contract for two new platform supply vessels
 (PSVs). The UT 755 LN type vessels, ordered with Aker Yard of Norway,
 are scheduled to be delivered during the second and third quarters of
 2008-09.
 
 -Great Eastern Shipping has signed a contract to sell its 1996 build
 MR product tanker, which would be delivered to the buyers in the
 current quarter. The company had acquired the 44,000 DWT vessel in
 2001-02.
 
 2007
 
 - Great Eastern Shipping Company Ltd (GE Shipping) has announced that
 the Company has signed a contract to sell its single hull Very Large
 Crude Carrier (VLCC) Ardeshir H Bhiwandiwalla. The 1992 built -
 2,65,955 dwt VLCC was acquired in June 2004. The ship is scheduled to
 be delivered to the buyers during the third quarter of FY 2007-08.
 
 -Great Eastern Shipping Company Ltd (GE Shipping) has announced that
 the Company has placed an order for 2 new building Supramax Dry Bulk
 Carriers. 
 
 -GE Shipping augments its Dry Bulk fleet - acquires a modern
 Supramax
 
 2008
 
 -Greatship (India) Limited, India and DOF Subsea ASA, Norway
 announced the inking of their joint venture, in Mumbai - September 8,
 2008
 
 2009
 
 -Greatship subsidiary takes delivery of an 80T Anchor Handling Tug
 cum Supply Vessel (AHTSV) - February 18, 2009
 
 
 2010
 
 -Greatship’s Subsidiary takes delivery of a Multipurpose Platform
 Supply and Support Vessel (MPSSV).
 
 -Greatship’s Subsidiary Orders Two Construction Support Vessels
 (Platform/Rov Support Vessels) .
 
 
 2011
 
 -G E Shipping takes delivery of new building Kamsarmax Dry Bulk
 Carrier.
 
 -Greatship’s subsidiary takes delivery of a 350 feet jack up rig
 ‘Greatdrill Chetna’
 
 
 2012
 
 -Greatship’s subsidiary takes delivery of one Anchor Handling Tug cum Supply Vessel (AHTSV). 
Source : Dion Global Solutions Limited
Quick Links for Great Eastern Shipping Company
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.