Mumbai, March 21 -- As war roils the Persian Gulf and the global economy feels its shockwaves, just across the Arabian Sea in Mumbai sits Great Eastern Shipping Co. Ltd, one of the few winners of a conflict that nobody but a few wanted.

India's largest private shipowner, with a fleet of 40 vessels, is benefiting as global ship chartering rates surge amid the war entering its fourth week on Saturday. The Baltic Dirty Tanker Index (BDTI) and the Baltic Clean Tanker Index (BCTI), which track the prices of unrefined crude and refined oil product tankers, respectively, have doubled from their 12-month averages, according to data.

GE Shipping is the operator of Jag Laadki, which was only the fourth vessel to cross the Strait of Hormuz since I...