Great Eastern Shipping boss Bharat Sheth is resisting the temptation to expand the fleet at any price in a time of inflationary ship values.
The managing director of the Mumbai-listed shipowner told analysts on a conference call that he will raise the budget for expansion, “but we won’t go crazy about it”.
Chief financial officer G Shivakumar said the company remains “baffled” and “frustrated” by rising secondhand tanker prices as rates remain poor.
