Great Eastern Shipping Company Ltd is a leading shipping and offshore service provider with operations in India and across the world. With more than 50 years of experience, a large and diversified fleet and strong financials, company aims to capitalize on the opportunities in marine logistics in the energy sector. Company is India's largest private sector shipping and offshore oil field services provider with Experience and expertise spanning 5 decades.

G E Shipping owes its success to two families - the Sheths and the Bhiwandiwallas, who started their own shipping line to help expand the reach of their trading businesses. In 1948, after obtaining the mothballed Liberty ship, SS Fort Elice, G E Shipping began its maiden voyage under the entrepreneurial genius of Vasant J. Sheth and steered ahead confidently, tasting new waters and exploring new avenues.

Products & Services-

Company has two main business divisions: Shipping and Offshore oil field services. The shipping division is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities. The offshore oil field service division offers services to the oil companies in carrying out offshore exploration and production activities by providing a gamut of assets viz. exploratory drilling rigs, offshore support vessels, tugs, and construction barge. Both the shipping and offshore divisions have been awarded the ISO 9001, 2000 standard certification by DNV.

Operating since 1948, the company and its subsidiaries have offices in India, London, Singapore and the United Arab Emirates. Company's bonds enjoy "AAA" rating while the preference shares are rated "pfAAA" from CRISIL, India. The company's scrip's are listed on the stock exchanges in India and Luxembourg. The company has three subsidiaries, located in the strategic regions of London, Singapore and Fujairah. The international operations of the company have been largely aided by these subsidiaries which provide a window to the latest developments in the shipping sector in a global arena and help in the deployment of vessels in cross trade. The London operations of the firm were established way back in 1974 while the Singapore operations started in 1994. The operations in Fujairah, United Arab Emirates were established in 1999.

At CMP, stock is trading at 2.87 P/E multiple of its FY2010 estimated earnings. We recommend investors to Buy "Great eastern shipping limited" with medium to long term investment horizon.