The Great Eastern Shipping Company Limited (G E Shipping) has placed an order for 3 new building Kamsarmax dry bulk carriers with the Jiangsu Yangzijiang Shipbuilding Group, China. The ships will be built at Jiangsu New Yangzi Shipbuilding Co. Ltd, China (Builder's Shipyard). The contracted ships, of about 82,000 dwt each, will be built according to the new eco design features which will result in greater fuel efficiency and be in compliance with Energy Efficiency Design Index requirements. The 3 vessels are expected to join the Company's fleet in 2Q and 3Q of CY16.

The Company's current fleet stands at 30 vessels, comprising 22 tankers (8 crude carriers, 13 product tankers, 1 LPG carrier) and 8 dry bulk carriers (1 Capesize, 3 Kamsarmax, 4 Supramax) with an average age of 9.0 years aggregating 2.42 mn dwt. The Company also has on order 3 other new building vessels of which 1 is an MR product tanker and 2 Kamsarmax dry bulk carriers.