Great Eastern Shipping Company has contracted to sell the medium range tanker Jag Pankhi, which was built in 2003. The announcement covers the sale of a single vessel from its tanker fleet and follows the company's routine asset management activities. The tanker has been in service since 2003 and will be transferred to the buyer on completion of the transaction.

The firm indicated that the contract is part of an ongoing fleet optimisation strategy designed to improve capital allocation and operational efficiency. The transaction is subject to customary closing conditions and regulatory approvals and is expected to complete in due course. The company did not disclose the sale price or the identity of the buyer at the time of the announcement. The company indicated that it will follow applicable disclosure norms in line with stock exchange regulations.

The disposal will reduce the company's operating tanker capacity but will free up capital that may be directed towards newer tonnage or debt reduction. Management expects the move to align with its long term objective of modernising the fleet and improving average fleet age. Such asset sales are a normal response to market cycles and vessel ageing in the shipping industry. The proceeds from the sale are intended to support strategic initiatives though the company has not detailed specific allocation.

Great Eastern Shipping will continue to assess market conditions in the medium range tanker segment and will provide further updates if there are material developments. The company remains focused on safe operations, regulatory compliance and delivering sustainable returns to shareholders. Investors and stakeholders have been advised to await formal completion notifications before making decisions. Market participants will watch for the timing of delivery and its effect on freight rates and asset values.