Great Eastern Shipping chief financial officer G Shivakumar knows the company’s recent acquisition of a secondhand MR tanker was at the top of the market.

But the Indian executive has explained why the move was necessary to keep the private shipowner’s position in international trade.

In September, the Mumbai-listed group snapped up the 46,000-dwt MR2 Grand Ace 8 (built 2008), now the Jag Parth, from South Korea’s Pan Ocean.