GE Shipping: Rising Middle East tensions could boost tanker rates GE Shipping could be a play on rising Israel-Iran tensions. 50% of GESCO fleet is oil / product tankers. Tanker rates should firm up if the conflict persists / spreads as ships will avoid Middle East. Iran exports 2 MBD of oil (2% of global supply; fairly significant). Stock is trading at 35% discount to NAV with ~ 40% of market cap as cash + FCF positive with ~2K CR cash generation per annum (Mcap ~14K Cr).