Great Eastern Shipping Co Ltd has issued today (January 16, 2003) the following Outlook:

Economic indicators are suggesting that the global recovery is yet to gain the desired momentum. However, due to other fundamental developments influencing the market, freight rates seem to remain stable in the short run.

The dry bulk segment is expected to stay buoyant in the near future mainly due to strong steel and steel related trade and lower fleet supply. As regards wet bulk, where huge influx of tonnage is expected, market may remain firm if not at current highs.

Recent gas discoveries by leading E & P operators should foretell a promising future in the offshore sector once the fields are fully developed.

Baring any unforeseen circumstances, the company expects the fourth quarter of FY  03 to be better than the third quarter both for shipping and offshore.

BSE code: 500620