Great Eastern Shipping's Greatship unit sees credit rating rise

Great Eastern Shipping Company's (GESHIP) wholly-owned subsidiary, Greatship India Limited (GIL), has received an upgraded credit rating from CRISIL Ratings on its long-term bank facilities, rising from 'CRISIL AA/Positive' to 'CRISIL AA+/Stable'. The facilities covered amount to Rs. 335 crore. This upgrade reflects the company's strong operational and financial ties to its parent, GESHIP, along with GIL's healthy business risk profile. CRISIL Ratings cited GIL's diverse, technologically advanced fleet and improvements in domestic and global charter rates as factors supporting the upgrade, in addition to parent-company-driven adherence to maintaining a stable, conservative risk-management stance. The improved rating is likely to further support Great Eastern's overall financial stability.