History of Great Eastern Shipping Comp. Ltd.
1948
- The Comp. was incorporated at Mumbai. The Comp. has been promoted by A H Bhiwandiwalla and Co. [Mumbais] Pvt. limited The main activities of Comp. to own, purchase, charter ships, boats and sea going vessels.
- The Comp. operates regular cargo services on the Indian coast and in adjacent waters & 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. & India. The Comp. also acts as agents for foreign shipping companies amongst whom the important ones are Yasmashita-Shinnihom Steamship Co., Ltd., Tokyo & Stanhope Steamship Co. Ltd., London.
1984
- M/s. Suvibha Investment Co. Ltd and Great Eastern Shipping Co. Ltd. are subsidiaries of company.
- The Comp. 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 amount paid upon each bond will compulsorily & 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 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 & 31st July, 1987 only once.
- The Comp. gave the bondholders an additional option to convert into equity shares the balance portion of Rs 50 per bond into 5 equity shares of Comp. 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 & the shares also had the right to apply for 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 Comp. was converted into a wholly owned subsidiary under the name & style of 'The Great Eastern Shipping Company [Londons] 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 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 $2.025 million & the balance for cashs].
1988
- The Comp. acquired four ships & renamed then as 'Jag Vijay', 'Jag Rani', 'Jag Rahat' & 'Jag Kala'.
1989
- The Comp. acquired three more bulk carriers & renamed them as m.v. 'Jag Ratna', m.v. 'Jag Vikas' & 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 [OSVs] with a view to cater to both ONGC & Oil India, Ltd.
1990
- Suvibha Investment Co. limited changed its name to Prime Securities Ltd.
- The Comp. however, switched its trade patterns increasingly to voyage charter which meant large operating reserves but also much additional costs on Acc. of bunkers, port dues, light & 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 [OSVss] contracted by Company were delivered in July & September.
- The Comp. 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 said five OSVs were acquired & were renamed as 'Malaviya Five' & 'Malaviya Six'.
- IFC[Ws], 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[Ws] as at 31.3.1991 holds 8.25 million equity shares of 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 Comp. were helped in rupee terms due to two successive devaluations of Rupee vis-a-vis the Dollar in July.
- The Comp. embarked on a replacement-cum-modernisation programme.
- With a view to finance in part the foreign exchange cost of acquisition of ships, the Comp. 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 & corporate requirements.
- The Comp. acquired one 1984 built handymax bulk carrier & 1982 built product carrier. This was part of Company replacement and modernisation programme.
- With the merger of GAL Offshore Services Ltd., the offshore division commissioned of 3 distinct activities viz. [is] operation of tugs comprising offshore supply vessels, harbour tugs & anchor handling tugs [iis] Oil drilling & [iiis] 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 & presently has 500,000 sq. ft. available for development.
- The Comp. was the first to acquire ships under the self-financing scheme. Under this scheme, ships have been purchased by arranging exchange credit abroad & foreign exchange loans. The Company succeeded in acquiring 5 ships under this scheme.
- The Comp. was the first Indian Comp. to acquire a tanker & 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 [Cochins] of 250 tonnes capacity.
- During December the Comp. 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 ups] [154393 shares kept in abeyances].
- Another 42,78,922 No. of equity shares of Rs 10 each at par were offered to the employees of Comp. on an equitable basis. [241750 shares taken ups].
1993
- The Comp. was also proposing a Euro Qollor Issue of upto US $ 100 million some time.
- Subject to necessary approvals, the Comp. merged with A.H. Bhiwandiwalla and Co. limited together with its two wholly owned subsidiaries, namely Dhirvijay Investments Pvt. limited & MDSV Investments and Trading Pvt. limited 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 Comp. were to be allotted against every one share of A.H. Bhiwandiwalla and Co. of Rs 10 each to the shareholders of A.H. Bhiwandiwalla and Co. Ltd.
- ICICI limited 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 limited in terms of loan agreements.
1994
- The trading division suffered a set back due to unexpected change in government policy on sugar.
- The Comp. offered 7,08,63,245 No. of equity shares of Rs 10 each for cash at par to the shareholders of Comp. in propn. 2:5 shares. [only 7,02,24,665 shares taken ups].
- On 22nd February, the Comp. issued 6,273,500 GDRs representing 31,367,500 No. of equity shares. Each GDR was priced at US $15.94 and each GDR represents 5 equity shares of 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 Comp. proposed to merge GAL Offshore Services Ltd., with itself.
1995
- The Comp. identified charter opportunities with leading multinational corporations.
- To provide efficient service for coastal movement the Comp. 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 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 bulk carriers were adversely affected due to turbulence in Asia with the freight market declining for all categories of ships.
- The Comp. entered into contract for 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 Great Eastern Shipping Comp. has been awarded a certificate conforming to the quality system standard ISO-9002 by 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 Comp. Ltd, Dabur India Ltd & Ranbaxy Laboratories limited have signed agreements with NSDL to get their securities admitted for dematerialisation at NSDL.
- Great Eastern Shipping, the country 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 & multiplex plazas.
1998
- Three shipping firms -- the Shipping Corporation of India, Varun Shipping & Great Eastern Comp. [Gescos] -- have joined hands to form a `pool' to transport liquefied petroleum gas [LPGs] imported on free-on-board [FoBs] basis.
- Great Eastern is the second Indian Comp. [first being the Shipping Corporation of Indias] 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 Comp. [Gescos].
- GREAT Eastern Shipping Co Ltd has issued bonds worth Rs 300m through private placement to finance its capital expenditure & corporate requirements.
2000
- Property firm Gesco Corporation, a subsidiary of company, will get listed on major stock exchanges of country.
- Great Eastern Shipping Comp. 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 company.
2001
- The Comp. 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 Comp. 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 company.
2001
- Great Eastern Shipping on May 15 launched an issue of secured non-convertible debentures in a bid to raise Rs 90 crore $19.16 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 Comp. has purchased 2,35,825 shares.
-Great Eastern Shipping has pre-paid its outstanding loans of $3.468million to ICICI.
-Gesco informs BSE that it has entered into a joint venture agreement amongst Quatar General Petroleum Corporation [QGPCs] & U B Air Pvt ltd. & 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 & Construction Co. Ltd, South Korea.
-Great Eastern shipping has inducted HDFC MD Keki Mistry & 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 Comp. limited 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 & Construction Comp. Ltd.
-Great Eastern Comp. has entered into a ship building contract with Aker Aukra AS, for construction of new building platform supply Vessel [PSVs].
-Great Eastern Comp. along with Mercator Lines & 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 [PSVs]
-Great Eastern Shipping Comp. Ltd is undergoing further expansion. The Comp. has contracted a 107592 dwt Aframax crude carrier
-Company has informed that the Comp. signed a contract for acquiring a 152485 dwt Suexmax crude carrier. The 1989 built vessel will join the company fleet by 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 Comp. Ltd has informed that the Comp. has contracted two 80T Bollard Pull [BPs] Anchor Handling Tug Supply Vessels [AHTSVss] 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
2007
- Great Eastern Shipping Comp. Ltd [GE Shippings] has announced that the Comp. has signed a contract to sell its single hull Very Large Crude Carrier [VLCCs] '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.
