India’s Great Eastern snaps up ex-DryDel Ultramax amid aggressive fleet expansion

GE Shipping disclosed on 28 January that it has taken delivery of 2019-built, 63,480-dwt Ultramax Jag Riddhi, with the acquisition fully financed through internal accruals.

According to multiple shipping data platforms, the vessel previously traded under the name Dionisis.

Shipbrokers reported in late 2025 that Costas Delaportas-led DryDel divested the vessel for approximately US$31M. Earlier this month, Riviera reported that Greece-based FGM Chartering snapped up another DryDel Ultramax, Andiamo, which has since been renamed BC Agility.

Supramax/Ultramax bulk carriers continue to dominate secondhand market activity. Data from Allied Shipbroking shows that 22 vessels in this segment have changed hands so far in January, out of 48 secondhand transactions. The average age of these vessels remains relatively low, at around eight years.

Aggressive expansion

Following the latest acquisition, GE Shipping’s owned fleet now comprises 40 vessels, including 21 tankers, 14 bulk carriers, and five LPG carriers, with an aggregate capacity of 3.2M dwt.

The Indian owner has also agreed to acquire an additional MR tanker and sell one very large gas carrier (VLGC), with both transactions expected to be completed in the coming months.

Meanwhile, GE Shipping has recently concluded two further sale and purchase deals. The company divested its 2011-built Kamsarmax bulk carrier Jag Aarati, which has since been renamed and now trades under Norwegian ownership. At the same time, it took delivery of 2015-built VLGC Jag Vijay, previously named Navigare Generosa.