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G E Shipping to Acquire 81,094 DWT Kamsarmax Dry Bulk Carrier for Fleet Expansion
The Great Eastern Shipping Company (GE Shipping) has contracted to purchase a secondhand 2014 Japanese-built Kamsarmax Dry Bulk Carrier of approximately 81,094 dwt. The acquisition is funded entirely through internal accruals and is expected to join the fleet by Q1 FY27. This expansion comes at a time when the company's current fleet of 41 vessels is operating at nearly 100% capacity utilization. Additionally, the company is finalizing the sale of its 'Jag Vishnu' VLGC, expected to conclude in Q4 FY26.
Key Highlights
Contracted to buy a 2014 Japanese-built Kamsarmax vessel of ~81,094 dwt
Acquisition to be financed entirely through internal accruals with delivery in Q1 FY27
Current fleet consists of 41 vessels totaling 3.25 mn dwt with near 100% utilization
Dry bulk fleet will increase to 15 vessels once the new carrier joins
Sale of Very Large Gas Carrier 'Jag Vishnu' on track for completion in Q4 FY26
💼 Action for Investors
Investors should view this as a positive step towards organic growth and fleet modernization using internal cash. The high capacity utilization suggests strong demand, making this capacity addition likely to be accretive to earnings from FY27 onwards.
GE Shipping Takes Delivery of 51,565 DWT Tanker 'Jag Pranesh'; Fleet Grows to 41 Vessels
The Great Eastern Shipping Company (GE Shipping) has successfully taken delivery of 'Jag Pranesh', a 2013 South Korean built Medium Range Tanker of approximately 51,565 dwt. The acquisition, contracted in Q3 FY26, was financed entirely through internal accruals, highlighting the company's strong liquidity position. Post-delivery, the company's fleet stands at 41 vessels with a total capacity of 3.25 million dwt. With capacity utilization currently near 100%, this addition is expected to contribute immediately to revenue.
Key Highlights
Took delivery of 51,565 dwt Medium Range Tanker 'Jag Pranesh' on February 24, 2026
Acquisition funded entirely through internal accruals without increasing debt
Total fleet increased to 41 vessels, including 27 tankers and 14 dry bulk carriers
Company reports high operational efficiency with capacity utilization close to 100%
Confirmed pending sale of 'Jag Vishnu' (VLGC) expected to conclude in Q4 FY26
💼 Action for Investors
Investors should note the company's ability to expand its fleet using internal cash flows and maintain high utilization rates. The stock remains a strong play on the tanker cycle and disciplined capital allocation.
GESHIP: CRISIL Reaffirms AAA/Stable Rating for Rs 1,050 Cr NCDs; Rs 450 Cr Withdrawn on Redemption
CRISIL Ratings has reaffirmed its highest 'CRISIL AAA/Stable' rating for The Great Eastern Shipping Company's Non-Convertible Debentures (NCDs) amounting to Rs 1,050 crore. Simultaneously, the rating for NCDs worth Rs 450 crore was withdrawn following their successful full redemption by the company. This reaffirmation underscores the company's robust financial health and its consistent ability to service debt obligations. The reduction in total rated debt from Rs 1,500 crore to Rs 1,050 crore reflects a healthy deleveraging process.
Key Highlights
CRISIL reaffirmed 'CRISIL AAA/Stable' rating for Rs 1,050 crore Non-Convertible Debentures.
Rating for Rs 450 crore NCDs withdrawn due to full redemption by the company.
Total rated NCD amount reduced from Rs 1,500 crore to Rs 1,050 crore.
The 'AAA' rating indicates the highest degree of safety regarding timely servicing of financial obligations.
💼 Action for Investors
Investors should take this as a confirmation of the company's strong credit profile and financial stability. No immediate action is required as the rating reaffirmation is in line with the company's established market position.
GESHIP Q3 FY26: Consolidated Net Profit of INR 813 Crores; 16th Consecutive Dividend Declared
The Great Eastern Shipping Company (GESHIP) reported a strong consolidated net profit of INR 813 crores for Q3 FY26, with standalone profit at INR 650 crores. The company declared its 16th consecutive quarterly dividend, supported by robust operating cash flows that increased the Net Asset Value (NAV). Management highlighted a significant net cash position exceeding $500 million, providing a strong buffer for future market cycles. The stock currently trades at a 25-30% discount to its consolidated NAV, despite consistent performance across tanker and dry bulk segments.
Key Highlights
Consolidated Net Profit of INR 813 crores and Standalone Net Profit of INR 650 crores for Q3 FY26.
Company is currently net cash by over $500 million, a significant shift from $360 million net leverage in FY19.
Crude tanker supply dynamics remain favorable with an order book of 17% against an aging fleet (20+ years) of 24%.
Offshore vessel marketed utilization is healthy at 65-66% with constrained supply due to low ordering in the last decade.
Net Asset Value (NAV) continues to grow at a 20%+ CAGR over the last 5 years on both standalone and consolidated bases.
💼 Action for Investors
Investors should view the consistent dividend payouts and the $500 million+ cash reserve as signs of high financial discipline. The 25-30% discount to NAV offers a potential value opportunity as the company waits for the right time to deploy capital into new assets.
GESHIP Investor Update: Consolidated NAV Reaches ₹1,566; Net Cash Position at ₹6,919 Cr
The Great Eastern Shipping Company (GESHIP) reported a robust performance for 9m FY26 with a consolidated net profit of ₹1,808 crore and an EPS of ₹126.62. The company has successfully transitioned to a significant net cash position of ₹6,919 crore, providing a massive capital buffer for future fleet expansion during market lows. Notably, the consolidated Net Asset Value (NAV) stands at approximately ₹1,566 per share, indicating that the stock is trading at a discount to its intrinsic asset value. Dividend payouts remain strong with ₹23.40 per share declared for FY26 YTD.
Key Highlights
Consolidated Net Profit for 9m FY26 reached ₹1,808 crore with a strong EBITDA of ₹2,642 crore.
Company maintains a net cash position of ₹6,919 crore with a negative Net Debt/Equity ratio of -0.43x.
Consolidated NAV per share is estimated at ₹1,566, representing a 25% CAGR since FY21.
Total dividend for FY26 YTD stands at ₹23.40 per share, including ₹9.00 declared for Q3 FY26.
Shipping fleet consists of 40 vessels (3.2 million DWT) with an average age of 14.68 years.
💼 Action for Investors
Investors should consider the significant margin of safety as the stock trades at a discount to its Consolidated NAV. The company's 'war chest' of cash positions it well to acquire assets in a cyclical downturn, making it a strong long-term hold for dividend and value seekers.
GESHIP Declares ₹9 Interim Dividend for FY26; Outlines TDS Procedures
The Great Eastern Shipping Company Limited has declared an interim dividend of ₹9 per equity share for the financial year 2025-26. The company has issued a detailed communication regarding the Tax Deduction at Source (TDS) requirements for various categories of shareholders. Resident individuals with a valid PAN linked to Aadhaar will be subject to a 10% TDS, while a higher rate of 20% applies if the PAN is invalid or missing. Shareholders seeking tax exemptions or lower treaty rates must submit the necessary documentation by February 4, 2026.
Key Highlights
Interim dividend of ₹9 per equity share declared for the financial year 2025-26
Standard TDS rate of 10% for resident shareholders with PAN-Aadhaar linkage
No TDS for resident individuals if the total dividend amount does not exceed ₹10,000
Non-resident shareholders subject to 20% TDS or beneficial DTAA rates upon document submission
Deadline for submitting tax-related documents to the RTA is February 4, 2026
💼 Action for Investors
Shareholders should ensure their PAN is linked to Aadhaar and submit tax exemption forms like 15G/15H to the RTA by February 4 to avoid higher tax deductions.
GESHIP Q3FY26 Consolidated Net Profit at ₹813 Cr; Declares ₹9 Dividend per Share
The Great Eastern Shipping Company (GESHIP) reported a robust consolidated net profit of ₹813 crore for Q3FY26, with a consolidated NAV of ₹1,566 per share. The company declared an interim dividend of ₹9.00 per share, marking its 16th consecutive quarterly payout. GESHIP maintains an exceptionally strong balance sheet with a net cash position (negative net debt) of ₹7,277 crore. Operationally, the company benefited from a 65% y/y surge in Capesize earnings and a 56% y/y growth in VLGC spot earnings.
Key Highlights
Consolidated Net Profit reached ₹813 crore for Q3FY26, while Standalone Net Profit stood at ₹654 crore.
Declared 16th consecutive quarterly dividend of ₹9.00 per share.
Consolidated Net Asset Value (NAV) per share reported at ₹1,566 as of December 31, 2025.
Maintained a massive cash surplus with a net debt position of negative ₹7,277 crore.
Normalised Return on Equity (ROE) and Return on Capital Employed (ROCE) stood at 20% and 18% respectively.
💼 Action for Investors
Investors should value GESHIP for its strong cash reserves and consistent dividend track record, which provide a significant safety margin. The company is well-positioned to capitalize on shipping cycle volatility and potential fleet expansion given its debt-free status.
GESHIP Declares Rs 9 Interim Dividend and Appoints Lead Independent Director
The Great Eastern Shipping Company Limited (GESHIP) has declared its third interim dividend of Rs 9 per share for the financial year 2025-26. The company has fixed February 04, 2026, as the record date for dividend eligibility, with payments starting from February 24, 2026. Additionally, the board approved the unaudited financial results for the quarter ended December 31, 2025. To enhance corporate governance, the company has also designated Mr. Ranjit Pandit as the Lead Independent Director.
Key Highlights
Declared 3rd interim dividend of Rs 9 per share for FY 2025-26
Record date for dividend eligibility set for February 04, 2026
Designated Mr. Ranjit Pandit as Lead Independent Director effective January 29, 2026
Approved unaudited financial results for the quarter ended December 31, 2025
Dividend payment to be processed on or after February 24, 2026
💼 Action for Investors
Investors should ensure they hold the shares before the February 04 record date to qualify for the Rs 9 dividend payout. The appointment of a Lead Independent Director is a positive step for corporate governance and long-term stability.
GESHIP Declares Rs 9 Interim Dividend and Appoints Lead Independent Director
The Great Eastern Shipping Company Limited (GESHIP) has declared its third interim dividend of Rs 9 per share for the financial year 2025-26. The company has fixed February 04, 2026, as the record date for determining shareholder eligibility, with payments starting from February 24, 2026. In a move to enhance corporate governance, the board has also designated Mr. Ranjit Pandit as the Lead Independent Director. Additionally, the board approved the unaudited financial results for the quarter ended December 31, 2025.
Key Highlights
Declared 3rd interim dividend of Rs 9 per share for FY 2025-26
Record date for dividend eligibility set for February 04, 2026
Dividend payment to be processed on or after February 24, 2026
Mr. Ranjit Pandit appointed as Lead Independent Director to strengthen governance
Unaudited financial results for Q3 FY26 approved by the Board
💼 Action for Investors
Investors seeking dividend income should ensure they hold shares before the February 4 record date. The governance update is a positive signal for long-term institutional stability.
GESHIP Declares Rs 9 Interim Dividend; Sets Feb 4 as Record Date
The Great Eastern Shipping Company Limited has declared its third interim dividend of Rs 9 per share for the financial year 2025-26. The Board also approved the unaudited financial results for the quarter ended December 31, 2025, during their meeting on January 29, 2026. Shareholders must hold the stock by the record date of February 04, 2026, to be eligible for the payout. Furthermore, the company has appointed Mr. Ranjit Pandit as the Lead Independent Director to strengthen its governance framework.
Key Highlights
Declared 3rd interim dividend of Rs 9 per equity share for FY 2025-26
Fixed February 04, 2026, as the Record Date for dividend eligibility
Interim dividend payment to be processed on or after February 24, 2026
Approved unaudited financial results for the quarter ended December 31, 2025
Appointed Mr. Ranjit Pandit as Lead Independent Director effective January 29, 2026
💼 Action for Investors
Investors interested in the dividend should ensure they hold the shares before the ex-dividend date to qualify for the Rs 9 per share payout. The consistent dividend distribution and governance update reflect positively on the company's operational stability.
GESHIP Declares ₹9 Interim Dividend; Q3 Net Profit Surges 37% YoY to ₹812.52 Cr
The Great Eastern Shipping Company has declared its third interim dividend of ₹9 per share for FY 2025-26, with a record date of February 4, 2026. The company reported a strong financial performance for Q3 FY26, with consolidated net profit rising to ₹812.52 crore from ₹593.66 crore in the same quarter last year. Revenue from operations grew to ₹1,454.44 crore, driven by robust performance in both shipping and offshore segments. Additionally, the board has appointed Mr. Ranjit Pandit as the Lead Independent Director to strengthen its governance framework.
Key Highlights
Declared 3rd interim dividend of ₹9 per equity share for FY 2025-26 with record date Feb 04, 2026
Consolidated Net Profit increased by 36.8% YoY to ₹812.52 crore in Q3 FY26
Revenue from operations rose 17.6% YoY to ₹1,454.44 crore compared to ₹1,236.87 crore in Q3 FY25
Shipping segment revenue contributed ₹1,317.72 crore, while Offshore revenue stood at ₹432.58 crore
Basic EPS for the quarter improved significantly to ₹56.91 from ₹41.58 in the previous year's corresponding quarter
💼 Action for Investors
Investors should benefit from the healthy dividend payout and strong earnings growth, reflecting robust demand in the shipping and offshore sectors. The stock remains a solid pick for those seeking a combination of capital appreciation and regular dividend income.
GESHIP Declares ₹9 Interim Dividend; Q3 Net Profit Surges 37% YoY to ₹812.5 Crore
The Great Eastern Shipping Company (GESHIP) reported a robust performance for Q3 FY26, with consolidated net profit rising 37% year-on-year to ₹812.52 crore. Revenue from operations grew 17.6% YoY to ₹1,454.44 crore, supported by strong performance in both shipping and offshore segments. The Board declared a third interim dividend of ₹9 per share for the current fiscal year, with the record date set for February 04, 2026. The company also strengthened its governance framework by appointing a Lead Independent Director.
Key Highlights
Declared 3rd interim dividend of ₹9 per equity share for FY 2025-26.
Consolidated Net Profit increased to ₹812.52 crore from ₹593.66 crore in Q3 FY25.
Revenue from operations grew to ₹1,454.44 crore, up 17% sequentially from Q2 FY26.
Shipping segment revenue contributed ₹1,317.72 crore, while Offshore revenue stood at ₹432.58 crore.
Basic Earnings Per Share (EPS) for the quarter rose to ₹56.91 from ₹41.58 YoY.
💼 Action for Investors
The strong earnings growth and consistent dividend payout reinforce the company's healthy cash flow position. Investors may continue to hold for dividend yield, while keeping an eye on global freight rate trends.
GESHIP Q3 PAT Surges 37% YoY to ₹812.5 Cr; Declares ₹9 Interim Dividend
The Great Eastern Shipping Company (GESHIP) reported a robust Q3 FY26 with consolidated net profit rising 36.8% YoY to ₹812.52 crore, up from ₹593.66 crore in the previous year. Revenue from operations grew 17.6% YoY to ₹1,454.44 crore, supported by strong performance in both shipping and offshore segments. The company declared its third interim dividend of ₹9 per share for FY26, with a record date of February 4, 2026. Notably, the offshore segment's profitability saw a significant jump, contributing ₹156.33 crore to the results compared to ₹26.86 crore in the year-ago period.
Key Highlights
Consolidated Net Profit increased by 36.8% YoY to ₹812.52 crore in Q3 FY26.
Revenue from operations stood at ₹1,454.44 crore, a 17.6% growth over Q3 FY25.
Declared 3rd interim dividend of ₹9 per share; total income includes ₹159.41 crore profit from ship sales.
Offshore segment results improved dramatically to ₹156.33 crore from ₹26.86 crore YoY.
Earnings Per Share (EPS) for the quarter rose to ₹56.91 from ₹41.58 in the same quarter last year.
💼 Action for Investors
Investors should take note of the strong operational performance and the significant turnaround in the offshore segment. The consistent dividend payout and healthy balance sheet make it a strong hold for long-term investors.
GE Shipping Takes Delivery of 63,480 DWT Ultramax Vessel 'Jag Riddhi'
The Great Eastern Shipping Company (GE Shipping) has successfully taken delivery of 'Jag Riddhi', a 2019 Japanese-built Ultramax Dry Bulk Carrier of 63,480 dwt. The acquisition was funded entirely through internal accruals, showcasing the company's strong cash position and ability to expand without additional debt. This delivery brings the total fleet to 40 vessels with an aggregate capacity of 3.20 million dwt. With capacity utilization currently near 100%, this addition is expected to contribute immediately to the company's revenue stream.
Key Highlights
Delivery of 63,480 dwt Ultramax Dry Bulk Carrier 'Jag Riddhi' completed on January 28, 2026.
Acquisition financed entirely through internal accruals, avoiding new debt obligations.
Total owned fleet stands at 40 vessels, including 26 tankers and 14 dry bulk carriers.
Company reports current capacity utilization levels are close to 100%.
Further fleet optimization planned for Q4 FY26 with one tanker purchase and one gas carrier sale.
💼 Action for Investors
Investors should maintain a positive outlook as the company continues to modernize its fleet using internal cash flows while maintaining high utilization. Monitor the upcoming sale of 'Jag Vishnu' in Q4 FY26 for potential capital gains or fleet rebalancing impact.
GE Shipping Takes Delivery of 84,048 cbm VLGC 'Jag Vijay'; Fleet Reaches 40 Vessels
The Great Eastern Shipping Company (GE Shipping) has successfully taken delivery of 'Jag Vijay,' a 2015-built Very Large Gas Carrier with a capacity of 84,048 cbm. This acquisition was funded entirely through internal accruals, demonstrating strong cash flow and a healthy balance sheet. The company's total owned fleet now stands at 40 vessels aggregating 3.22 million dwt, with capacity utilization currently near 100%. GE Shipping is also actively modernizing its fleet, with four additional purchase and sale transactions expected to close in Q4 FY26.
Key Highlights
Took delivery of 2015 South Korean built VLGC 'Jag Vijay' of approximately 84,048 cbm.
Acquisition was financed 100% through internal accruals without additional debt.
Current owned fleet expanded to 40 vessels, including 26 tankers and 14 dry bulk carriers.
Operational efficiency remains high with capacity utilization reported close to 100%.
Active fleet management with 2 purchases and 2 sales contracted for completion in Q4 FY26.
💼 Action for Investors
Investors should take note of the company's ability to expand its fleet using internal cash, which supports earnings growth without increasing leverage. The high capacity utilization indicates strong demand for their assets in the current market.
GESHIP's BWR AAA Rating Reaffirmed for ₹1,050 Cr NCDs; ₹700 Cr Debt Redeemed
Brickwork Ratings has reaffirmed the highest credit rating of 'BWR AAA/Stable' for GESHIP's Non-Convertible Debentures worth ₹1,050 crore. The rating for an additional ₹700 crore of NCDs was withdrawn following their successful full redemption, reducing the total rated debt. This reaffirmation highlights the company's robust financial profile, supported by a modern fleet of 40 vessels and a strong liquidity position. The company's disciplined capital allocation and conservative gearing continue to provide a cushion against the inherent cyclicality of the shipping industry.
Key Highlights
Brickwork Ratings reaffirmed 'BWR AAA/Stable' rating for ₹1,050 crore NCDs, indicating the highest degree of safety.
Successfully redeemed ₹700 crore of NCDs, leading to a reduction in total rated debt from ₹1,750 crore to ₹1,050 crore.
Maintains a diversified shipping fleet of 40 vessels with an aggregate capacity of approximately 3.17 million DWT.
Rating sensitivity remains tied to maintaining net gearing below 1.5x and avoiding large debt-funded capital expenditure.
Strong business risk profile supported by presence in both shipping and offshore segments through subsidiary Greatship India Limited.
💼 Action for Investors
Investors should take confidence in the company's 'AAA' rating and its ability to deleverage by redeeming ₹700 crore in debt. The stock remains a solid pick for those seeking exposure to the shipping sector with a focus on financial stability and low credit risk.
G E Shipping Contracts to Sell 2002-Built VLGC 'Jag Vishnu' for Delivery in Q4 FY26
The Great Eastern Shipping Company (G E Shipping) has entered into a contract to sell its 2002-built Very Large Gas Carrier (VLGC), 'Jag Vishnu', which has a capacity of 77,922 cbm. The vessel is scheduled for delivery to an unaffiliated third party in Q4 FY26. This sale is part of an active fleet management cycle, which also includes the pending purchase of two secondhand vessels and the sale of one Kamsarmax carrier. Currently, the company operates a fleet of 39 vessels with a total capacity of 3.17 million dwt.
Key Highlights
Sale of 2002-built VLGC 'Jag Vishnu' with 77,922 cbm capacity to an unaffiliated third party.
Vessel delivery to the buyer is expected within the fourth quarter of FY26.
Current fleet consists of 39 vessels, including 25 tankers and 14 dry bulk carriers.
Total fleet capacity stands at 3.17 million dwt as of December 2025.
Multiple other transactions (1 VLGC purchase, 1 Ultramax purchase, 1 Kamsarmax sale) are also slated for Q4 FY26.
💼 Action for Investors
Investors should treat this as a routine asset recycling move to maintain a modern fleet. Monitor how these divestments and acquisitions impact the company's overall earnings capacity and age profile in the coming quarters.
G E Shipping to Acquire 84,048 cbm Very Large Gas Carrier via Internal Accruals
The Great Eastern Shipping Company (GESHIP) has contracted to purchase a secondhand 2015 South Korean-built Very Large Gas Carrier (VLGC) with a capacity of 84,048 cbm. The acquisition is funded entirely through internal accruals and is expected to join the fleet in Q4 FY26. This expansion comes at a time when the company's current fleet of 40 vessels is operating at nearly 100% capacity utilization. Alongside this purchase, the company is actively optimizing its fleet by contracting to buy an Ultramax carrier and selling two other vessels (a Kamsarmax and a Suezmax) through FY26.
Key Highlights
Contracted to buy a 2015-built VLGC of 84,048 cbm, expected to join the fleet in Q4 FY26.
The acquisition will be financed 100% through internal accruals, showcasing strong cash flow.
Current fleet utilization is near 100% across 40 vessels aggregating 3.32 Mn dwt.
Simultaneous fleet optimization with the purchase of one Ultramax and the sale of two vessels (Jag Aarati and Jag Lok).
💼 Action for Investors
Investors should view this as a positive sign of organic growth and disciplined capital allocation. The expansion into gas carriers while maintaining a debt-free acquisition strategy strengthens the long-term earnings potential.
G E Shipping to Sell 2011-Built Kamsarmax Dry Bulk Carrier Jag Aarati
The Great Eastern Shipping Company (G E Shipping) has contracted to sell its 2011-built Kamsarmax Dry Bulk Carrier, Jag Aarati, which has a capacity of 80,324 dwt. The vessel is scheduled for delivery to an unaffiliated third party in Q4 FY26. This transaction is part of the company's active fleet management strategy, which also includes the pending sale of a Suezmax tanker and the purchase of an Ultramax carrier. Currently, the company maintains a diverse fleet of 40 vessels aggregating 3.32 million dwt.
Key Highlights
Contracted to sell 80,324 dwt Kamsarmax Dry Bulk Carrier Jag Aarati built in 2011.
Vessel delivery to the buyer is scheduled for the fourth quarter of FY26.
Current fleet consists of 40 vessels: 26 tankers and 14 dry bulk carriers totaling 3.32 mn dwt.
Company has additional pending transactions: one Suezmax tanker sale (Q3 FY26) and one Ultramax carrier purchase (Q4 FY26).
💼 Action for Investors
Investors should view this as a routine fleet optimization move to maintain a modern and efficient vessel profile. Monitor how the proceeds from these sales are redeployed into newer, more efficient tonnage or returned to shareholders.
GESHIP Q2 FY26: Consolidated Net Profit at 581 Cr; Declares 7.20 Dividend per Share
The Great Eastern Shipping Company reported a consolidated net profit of 581 Cr for Q2 FY26, bringing H1 FY26 profits to 1,086 Cr. The company declared its 15th consecutive quarterly dividend of 7.20 per share, maintaining a consistent payout policy. A significant highlight is the consolidated Net Asset Value (NAV) which stands at 1,484 per share as of September 30, 2025. The company remains in a very strong financial position with a net cash surplus of 6,905 Cr and a negative net debt-to-equity ratio of 0.43.
Key Highlights
Consolidated Net Profit of 581 Cr for Q2 FY26 and 1,086 Cr for H1 FY26.
Declared 15th consecutive quarterly interim dividend of 7.20 per share.
Consolidated Net Asset Value (NAV) reported at 1,484 per share.
Maintains a massive net cash position of 6,905 Cr with a Net Debt/Equity of (0.43).
Average TCY for Crude Carriers at $29,974/day and LPG Carriers at $43,146/day during the quarter.
💼 Action for Investors
The company's strong NAV of 1,484 and robust cash reserves provide a significant margin of safety and support continued high dividends. Investors should remain positive on the stock given the healthy balance sheet and disciplined capital allocation.