| 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 $2.025 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 $15.94 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 $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 company 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 (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'sÿsubsidiaryÿtakesÿdeliveryÿofÿoneÿAnchorÿHandlingÿTugÿcumÿSupplyÿVesselÿ(AHTSV).ÿ
2013
-Great Eastern Shipping Company has recommended final dividend of Rs. 4.50 per equity share.
2014
-Great Eastern Shipping Company have recommended final dividend of Rs. 5 per equity share. And had declared and paid an interim dividend of Rs. 4 per equity share.
2015
-Great Eastern Shipping Company has said that it has signed contract to buy a Medium Range Product Tanker of about 48,000 dwt.
2016
- GE Shipping inks pact to buy a Suezmax crude carrier
2017
Great Eastern Shipping Company, largest private sector shipping company, on Monday said that its board has approved merger of Greatship Global Holdings Ltd., Mauritius with Greatship (India) Limited.
2018
-GE Shipping Has Entered Into An Agreement With Adfactors PR Private Limited For Providing Public Relations Services
2020
-The Great Eastern Shipping Company Limited has signed a contract to buy a secondhand LR2 Product Carrier of about 105,258 dwt.
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