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Gesco raises ECBs worth $ 59 million

Mumbai, July 13 (PTI): Great Eastern Shipping Co Ltd has raised $ 59.65 million through external commercial borrowings (ECBs) since April for fleet expansion, the company said in its annual report for 2002-03.

During the last fiscal, the shipping major had borrowed $ 29.76 million through ECBs and Rs 90 crore by way of private placement of non-convertible debentures (NCDs).

The NCDs, which carry a coupon rate of 8.95 per cent, were redeemable in 2007, it added.

In the last quarter of 2002-03, the company bought a second-hand PanaMax product carrier and took delivery of a newly built double-hull MR product carrier, it said.

GE Shipping, which withdrew from the race to acquire a majority stake in Shipping Corporation of India under the government’s disinvestment programme, has also placed orders for an MR product tanker and a SuezMax crude tanker due for delivery in July 2004 and April 2005 respectively, it said.

The company also placed an order in May for another SuezMax tanker due for delivery in July 2005.

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