Slides
Page 1
INVESTOR PRESENTATION Q1FY27
Page 2
Disclaimer 2 This presentation and the accompanying slides (the “Presentation”), which have been prepared by The Great Eastern Shipping Company Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. All Maps used in the document are not to scale. All data, information and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness.
Page 3
Financial Highlights
Page 4
1Q27 Results Highlights 4 NET PROFIT CASH PROFIT NET ASSET VALUE INTERIM DIVIDEND Consolidated INR 1,309 Cr Standalone INR 1,157 Cr Consolidated INR 1,543 Cr Standalone INR 1,323 Cr Consolidated INR 1,886 /share Standalone INR 1,512 /share Per share INR 14.40 /share 18th consecutive quarterly dividend HIGHEST EVER HIGHEST EVER HIGHEST EVERHIGHEST EVER
Page 5
Reported Financials 5* Including Other Income Figures in INR Crores Q1 FY27 Q1 FY26 FY26 Q1 FY27 Q1 FY26 FY26 Income Statement Revenue* 1,819 916 4,420 2,286 1,337 6,312 EBITDA* 1,380 573 3,125 1,619 778 4,051 Net Profit 1,157 388 2,356 1,309 505 2,943 Balance Sheet Total Assets 16,630 14,328 15,965 20,267 17,695 19,460 Equity 14,917 12,304 13,930 18,099 14,693 16,962 Gross Debt 799 1,249 1,049 799 1,853 1,049 Net Debt (5,889) (5,444) (5,346) (8,056) (6,434) (7,402) Cash Flows - From Operating Activities 956 448 1,954 1,207 645 2,769 - From Investing Activities (153) 151 (1,304) (293) 106 (958) - From Financing Activities (548) (427) (1,054) (548) (494) (1,759) Net Cash Inflow/Outflow 255 172 (404) 366 257 52 Standalone Consolidated
Page 6
Normalised Financials 6 * Including Other Income Normalised Financial Workings: The impact of the exchange rate on foreign currency loans and current assets and liabilities, including cash and bank balances, has been removed. Additionally, numbers have been adjusted for tax reversals and impairments (taken in FY25). NCD & Currency Swaps: •Funds raised through NCDs have been swapped into USD using INR-FCY swaps, thus creating synthetic fixed rate USD loans. •The MTM change of these swaps impacts the reported numbers. •Normalized numbers are worked out after making necessary adjustments to reported numbers to reflect the effective cost of the synthetic USD loans. Figures in INR Crores Q1 FY27 Q1 FY26 FY26 Q1 FY27 Q1 FY26 FY26 Income Statement Revenue* 1,819 916 4,420 2,286 1,337 6,312 EBITDA* 1,363 558 2,872 1,606 763 3,770 Net Profit 1,147 388 2,136 1,304 506 2,688 Balance Sheet Total Assets 16,630 14,328 15,965 20,267 17,695 19,460 Equity 14,917 12,304 13,930 18,099 14,693 16,962 Gross Debt 1,129 1,595 1,485 1,129 2,199 1,485 Net Debt (5,559) (5,098) (4,911) (7,726) (6,088) (6,967) Standalone Consolidated
Page 7
Normalised Financial Highlights 7 * Including Other income Key Financial Highlights Q1 FY27 Q1 FY26 FY26 Q1 FY27 Q1 FY26 FY26 Return on Equity 32% 13% 16% 30% 14% 17% Return on Capital Employed 29% 12% 15% 28% 13% 16% Gross Debt/Equity (x) 0.08 0.13 0.11 0.06 0.15 0.09 Net Debt/Equity (x) (0.37) (0.41) (0.35) (0.43) (0.41) (0.41) Earning Per Share (INR/Share) 80.35 27.18 149.61 91.30 35.43 188.29 Cash Profit Per Share (INR/Share) 91.97 35.90 191.21 107.68 49.25 250.57 Dividend Per Share (INR/Share) 11.70 5.40 29.70 11.70 5.40 29.70 NAV Per Share (INR/Share) 1,512 1,422 1,422 1,862-1,911 1,772-1,821 1,772-1,821 ConsolidatedStandalone
Page 8
P&L Statement – Industry Format 8 Figures in INR Crores Q1 FY27 Q1 FY26 FY26 Q1 FY27 Q1 FY26 FY26 Operating Revenue 1,548 796 3,632 2,000 1,195 5,385 Less: Direct Operating Expense/Voyage Expense 137 89 373 212 166 701 Time Charter Equivalent (A) 1,412 707 3,260 1,787 1,029 4,684 Profit on sale of ships and other asset 125 0 441 125 0 441 Other Income 146 121 347 162 142 484 Total Other Income (B) 271 121 788 287 143 925 Other Operating Expense 239 199 871 347 296 1,427 Administrative and General Expense 82 71 305 120 113 411 Total Expense (C) 320 269 1,175 468 408 1,838 EBITDA (D) = [(A)+(B)-(C)] 1,363 558 2,872 1,606 763 3,771 Depreciation and Amortisation (E) 166 125 594 234 197 889 Operating Profit including Other Income (G) = [(D)-(E)-(F)] 1,197 434 2,278 1,372 566 2,881 Finance Expense (H) 19 31 105 20 45 136 Derivative Losses/(Gains) (I) (9) (3) 149 (6) 0 153 Foreign Currency Exchange Losses/(Gains) (J) (8) (12) (401) (7) (15) (433) Income Tax Expense (K) 38 29 70 56 31 83 Net Profit [(G)-(H)-(I)-(J)-(K)] 1,157 388 2,356 1,309 505 2,943 ConsolidatedStandalone
Page 9
Business Overview
Page 10
Crude and Product Tanker 10 Sources: Industry Reports % change1QFY261QFY27USD/day 96%19,11237,405MR % change1QFY261QFY27USD/day 221%44,627143,199Suezmax Crude Tankers •Global Dirty (Crude & Fuel Oil) volumes dropped by 12% y/y in Q1 FY27 as stand off over Hormuz continued. However, the jump in Atlantic trade (+13% y/y) enabled ton-mile boost. •Crude Oil on Water rebounded to pre-war levels due to longer voyage duration driven by higher Atlantic-Asia trade. US Strategic Petroleum Reserve (SPR) release of 1-1.5mbpd supported tanker demand, with a significant portion of these volumes moving to Asia. •China’s seaborne crude oil imports unexpectedly fell by ~35% y/y led by lower Refinery Runs & Inventory destocking. •Total Crude Tanker fleet grew by ~2% y/y. In addition, ~25% of LR2 clean fleet switched to dirty trade post West Asian war. Product Tankers •Total seaborne product trade declined by 16% y/y in Q1 FY27. Asia & Middle East exports dropped ~33% y/y but US exports grew by ~23%. •Refining margins remained near record highs, but limited crude availability constrained refinery throughput. As a result, global refinery runs declined by ~5 mbpd y/y during the quarter . •Russian product exports were already weakening as sustained Ukrainian attacks disrupted the country's refining system. Towards the end of the quarter, Russia imposed an export ban, triggering a sharp rally in gasoil cracks. •Total Product Tanker fleet grew by ~6% y/y. However, effective fleet growth was curtailed by LR2 switching to dirty. Tanker asset prices & order book •Asset prices for Crude & Product tankers inched up 5-10% q/q across age & vessel type •The orderbook for crude and product tankers stood at 27% and 21% of respective fleet. 0 50000 100000 150000 200000 250000 300000 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Avg. Suezmax Earnings (USD/day) FY22 FY23 FY24 FY25 FY26 FY27 0 10000 20000 30000 40000 50000 60000 70000 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Avg. MR Earnings (USD/day) FY22 FY23 FY24 FY25 FY26 FY27
Page 11
Dry Bulk 11 % change1QFY261QFY27USD/day 96%18,59136,435Capesize % change1QFY261QFY27USD/day 71%10,12717,324SupramaxSources: Industry Reports Bulk carrier earnings remained materially higher y/y across all segments during Q1 FY27. Capesize earnings nearly doubled y/y (+96%), while Kamsarmax and Supramax earnings grew y/y by 62% and 71%, respectively. Iron ore trade grew modestly by ~1% y/y during the quarter as exports out of Middle East were curtailed by the ongoing US-Iran conflict. However, increasing loadings out of West Africa provided ton-mile support to iron ore trade. Coal trade witnessed a significant uptick, growing ~9% y/y during Q1 FY27. Constrained LNG supply from Qatar led to increasing coal demand for power generation in the Far East and Southeast-Asian regions. Demand was further strengthened by decline in China’s domestic coal output by ~10% y/y in June-26 due to intensive mine inspections following a major mine accident in May-26. During Q1 FY27, grain trade grew y/y by ~13% y/y led by robust exports from USA and S. America. Capesize asset prices remained steady during the quarter, while prices of sub-Capesize vessels firmed by ~5-10% depending on vessel type and age profile. •Bulk carrier fleet grew by 3% y/y during Q1 FY27. •Orderbook-to-fleet for the dry bulk sector stands at ~14% of fleet. 0 10000 20000 30000 40000 50000 60000 70000 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Avg. Baltic Capesize 5T/C Earnings (USD/day) FY22 FY23 FY24 FY25 FY26 FY27 0 5000 10000 15000 20000 25000 30000 35000 40000 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Avg. Baltic Supra BSI-58 10T/C Earnings (USD/day) FY22 FY23 FY24 FY25 FY26 FY27
Page 12
LPG 12 % change1QFY261QFY27USD/day 187%44,309127,330VLGC Sources: Industry Reports VLGC spot earnings surged 193% y/y in Q1 FY27. Overall VLGC trade declined by 13% y/y, as Middle East export volumes fell to less than one-third y/y amid the ongoing regional conflict. On the positive side, US exports remained resilient, rising 26% y/y, supported by terminal expansions and robust domestic production growth. US LPG exports to India rose by 134% y/y, with the US accounting for nearly 68% of India's imports during the quarter, thereby boosting ton-mile demand. VLGC fleet supply increased by 7% y/y in Q1 FY27. Asset values continue to trend higher and are now up 5% q/q. The total VLGC orderbook-to-fleet remains elevated at 35%. 0 50000 100000 150000 200000 April May June July Aug Sep Oct Nov Dec Jan Feb Mar Avg. VLGC Earnings (USD/day) FY22 FY23 FY24 FY25 FY26 FY27 The normalization of US terminal fees, together with a wider US–Far East arbitrage, improved freight market economics and supported higher earnings.
Page 13
Asset Price Movement 13 Sources: Industry Reports 137 90 100 110 120 130 140 150 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 5 Yr Old Asset Value Movement (LPG) VLGC 211 80 100 120 140 160 180 200 220 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 5 Yr Old Asset Value Movement (Crude) Suezmax 185 80 100 120 140 160 180 200 220 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 5 Yr Old Asset Value Movement (Product) MR 173 80 100 120 140 160 180 200 220 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 5 Yr Old Asset Value Movement (Dry Bulk) Capesize
Page 14
Historical Order Book as % of Fleet 14 Historic Order Book as a % of fleet (Calendar Year) 27.1 20.7 13.9 34.9 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Current Crude tankers Product tankers Bulkers LPG Carriers (65k+ cbm)
Page 15
Offshore Market Trends – Jackup Rig Utilization 15 Sources: Industry Reports * June 26 data includes all the rigs on contract including the rigs on put on standby due to the war in Middle East 50 55 60 65 70 75 80 85 200 250 300 350 400 450 Mar/10 Sep/10 Mar/11 Sep/11 Mar/12 Sep/12 Mar/13 Sep/13 Mar/14 Sep/14 Mar/15 Sep/15 Mar/16 Sep/16 Mar/17 Sep/17 Mar/18 Sep/18 Mar/19 Sep/19 Mar/20 Sep/20 Mar/21 Sep/21 Mar/22 Sep/22 Mar/23 Sep/23 Mar/24 Sep/24 Mar/25 Sep/25 Mar/26 Jack Up Utilisation Under Contract Total Util %
Page 16
Fleet Supply – Rigs & OSVs 16 Sources: Industry Reports VesselsRigsIndustry Data 3341490Current Fleet 2312330Fleet Under Contract 9912Orderbook 3.00%2.4%O/B to Current Fleet 840152No of vessels/rigs more than 20/30 years old 26%31%No of vessels/rigs more than 20/30 years old (As % of fleet) 39358Cold stacked more than 3 years
Page 17
GIL – Fleet Pricing 17 4 4 2 7 2 0 00 3 0 0 0 0 1 0 1 2 3 4 5 6 7 8 H1FY27 H2FY27 H1FY28 H2FY28 H1FY29 H2FY29 H1FY30 Repricing Vessels Rigs
Page 18
Company Overview
Page 19
Key Highlights 19 40 Vessels 25 Tankers 3,244,888 Deadweight Ton GIL: 4 RIGs & 19 OSVs 1948 Foundation India Largest Shipping & Oilfield Services Provider 15 Dry Bulk Carrier AAA GESCO Credit Rating
Page 20
Shareholding Pattern as on 30th June 2026 20 Promoters 30% Public 26%DII/FI 13% FII/FPI 31%
Page 21
Fleet profile 21 Fleet (3-Aug-26)Fleet Profile – Shipping Avg. Age (Yrs)DWTNoFleet 15.47691,049 5Crude Carrier 15.571,010,15816Product Carrier 17.46189,9314Gas Carrier 11.811,353,75015Dry Bulk Carrier 14.343,244,88840Total Fleet (3-Aug-26)Fleet Profile – Offshore Avg. Age (Yrs)NoFleet 14.804Jack Up Rigs 16.974Platform Supply Vessel 17.059Anchor Handling Tug cum Supply Vessels 16.262Multipurpose Platform Supply & Support Vessels 14.814ROV Support Vessels
Page 22
Sale & Purchase Activities in 1Q27 22 Vessels added to the fleet in 1Q27 (Purchases) BuiltDWTTypeVessel NameSr. No. 201449,420Medium Range TankerJag Prabhu1 201963,480Kamsarmax (Dry Bulk Carrier)Jag Abhishek2 Vessels added to the fleet in 2Q27 – QTD (Purchases) 2015109,990Long Range 2Jag Laxman3 Vessels removed from the fleet in 1Q27 (Sales) BuiltDWTTypeVessel NameSr. No. 200747,848Medium Range TankerJag Prakash1 200346,273Medium Range TankerJag Pankhi2 Vessels removed from the fleet in 2Q27 – QTD (Sales) 2009105,900Long Range 2Jag Lokesh3
Page 23
Performance Review 23 * Relates to the inchartered ships in GES IFSC Breakup of Revenue Days – Shipping Q1 FY26Q1 FY27Revenue Days 3,3253,497Owned Tonnage 182182Inchartered Tonnage* 3,5073,679Total Revenue Days 3.043.24Total Owned Tonnage (mm. dwt) Breakup of Revenue Days – Offshore Q1 FY26Q1 FY27Revenue Days 1,6691,636Offshore Logistics 227286Drilling Services 1,8961,923Total Avg TCYs in various category YoY %Q1 FY26QoQ %Q4 FY26Q1 FY27Avg. TCYs (USD/day) 175%33,86551%61,42493,026Crude Carriers 84%24,77449%30,51145,471Product Carriers -5%43,868-8%45,21641,528LPG Carriers 52%14,88336%16,67822,601Dry Bulk
Page 24
Revenue Coverage for Q2 FY27 24 Coverage of Operating Days – Shipping Q2 FY27Category 46%Crude Carriers 61%Product Carriers 100%LPG Carriers 57%Dry Bulk Coverage of Operating Days – Offshore Q2 FY27Category 75%Jack Up Rigs 89%AHTSV 92%MPSVV 94%PSV/ROVSV
Page 25
Financial Parameters (Reported Basis) 25 13% 31% 25% 19% 18% 32% 8% 28% 23% 18% 19% 30% 0% 5% 10% 15% 20% 25% 30% 35% FY22 FY23 FY24 FY25 FY26 1Q27 ROE (%) Standalone Consol 11% 25% 21% 18% 17% 31% 8% 22% 20% 16% 18% 29% 0% 5% 10% 15% 20% 25% 30% 35% FY22 FY23 FY24 FY25 FY26 1Q27 ROCE (%) Standalone Consol 55 165 162 152 165 81 43 180 183 164 206 92 0 50 100 150 200 250 FY22 FY23 FY24 FY25 FY26 1Q27 Earnings Per Share (INR/Share) Standalone Consol 85 196 194 193 207 9291 230 233 225 268 108 0 50 100 150 200 250 300 FY22 FY23 FY24 FY25 FY26 1Q27 Cash Profit Per Share (INR/Share) Standalone Consol
Page 26
540 1,512 - 200 400 600 800 1,000 1,200 1,400 1,600 Jun'21 FY22 FY23 FY24 FY25 FY26 Jun'26 Standalone NAV (INR/share) NAV Movements 26 CAGR: 23% CAGR: 26% 592 1,886 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Jun'21 FY22 FY23 FY24 FY25 FY26 Jun'26 Consolidated NAV (INR/share) CAGR: 26% 540 950 -154 176 1,512 NAV: Jun'21 Cash Profit Div Fleet Change NAV: Jun'26 - 200 400 600 800 1,000 1,200 1,400 1,600 Changes in Standalone NAV 592 1,138 -154 310 1,886 NAV: Jun'21 Cash Profit Div Fleet Change NAV: Jun'26 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Changes in Consol NAV
Page 27
450 402 456 512 539 692 1,164 1,396 1,406 1,796 1,886 337 357 374 454 489 617 962 1,127 1,115 1,422 1,512 0.74 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 1Q27 Consol NAV Standalone NAV Share Price/Consol. NAV (RHS) SHARE PRICE TO CONSOLIDATED NAV 27 INR/Share Share Price to Consol NAV * For Q1FY27, we have taken closing share price as on 3-Aug-26 (INR 1,398/share)
Page 28
Dividend Payout 28 * FY27 includes dividend of INR 14.40/share declared for 1Q27 13.5 10.1 7.2 5.4 8.1 9 9.9 28.8 36.3 29.7 35.1 14.4 0 5 10 15 20 25 30 35 40 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 1Q27 GESCO Dividends (INR/Share)
Page 29
Debt Repayment Schedule 29 30 23 66 119 90 66 0 0 50 100 150 200 0 20 40 60 80 Jun-26 Mar-27 Mar-28 Mar-29 GESCO (USD mn) Repayments Loan O/s (RHS)
Page 30
STRONG CASHFLOWS 30 Peak Net Debt USD 361mn to current Net Cash of USD 593mn (normalized) 361 (593) 0.49 (0.38) (0.60) (0.40) (0.20) 0.00 0.20 0.40 0.60 (800) (600) (400) (200) - 200 400 600 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 1Q27 Net Debt Net Debt/Equity (RHS) Net Debt: Expansion Phase Net Debt: Reduction Phase USD mn
Page 31
Current Positioning of GESCO 31 Predominantly spot-market exposure across tankers and dry bulk – as per our strategy. 2Q27 days covered: About 46% for Crude Tankers 61% for Products; 100% for LPG & 57% for Dry Bulk 2Q27 Offshore days covered: About 92% for Vessels and 75% for Rigs; 3 Rigs to be repriced in FY27 How We Are Positioned Fleet Strategy – Replace, Not Expand Switch Transactions: Sell older vessels, buy relatively younger ones with similar tonnage – maintaining market presence Cautious on acquiring vessels at elevated asset prices; prepared to wait for better value Capital Allocation Priorities Have been net cash since last 3 years: Standalone Net cash of USD 593 mn; remaining USD 119 mn debt matures by Nov’28 Fleet renewal at the right prices is primary objective; 18 consecutive quarterly dividends payouts. Shareholder Returns Track Record 1Q27 dividend INR 14.40/share (~18% of standalone EPS); dividends maintained across market cycles NAV per share CAGR of 23% (standalone) / 26% (consolidated) over last 5 years, driven largely by cash profits
Page 32
Board of Directors & ESG
Page 33
Mr. K. M. Sheth (Chairman Emeritus) Mr. K. M. Sheth joined the company in 1952; was inducted on the Board of Directors of the Company in 1970; became the Deputy Chairman and Managing Director in 1975 and rose to become the Chairman and Managing Director in 1992. In recognition of Mr. K. M. Sheth's lifelong and distinguished service to the Company and his invaluable contribution to the Indian maritime industry, the Board of Directors has appointed him as ‘Chairman Emeritus’ of the Company for life consequent upon his stepping down as Chairman and member of the Board of the Company in Nov’25. Mr. Bharat K. Sheth (Chairman & Managing Director) Mr. Bharat K. Sheth was appointed Chairman and Managing Director in Nov’25, after guiding the Company in its strategic and decision- making policies as Deputy Chairman & Managing Director for more than 20 years. Since joining the company in 1981, he has worked closely with his colleagues, seen many shipping cycles and gained expertise in all the critical functions of the shipping business. He is also the Chairman of Greatship (India) Ltd. Mr. Amitabh Kumar (Independent Director) Mr. Amitabh Kumar has distinguished service of 37+ years in Government of India, including 7+ years at the helm of Maritime Administration as Director General of Shipping. He retired as Principal Chief Commissioner of Income Tax at the level of Secretary to Government of India. With specialization in the fields of taxation and corporate restructuring, Mrs. Bhavna Doshi has been providing advisory services to national and multi-national entities for over 30 years. She was elected to the Council of the Institute of Chartered Accountants of India (ICAI) for four terms of three years each. She has chaired Accounting Standards Board Research, Vision 2021 and other Committees of ICAI. Board of Directors 33 Mrs. Bhavna Doshi (Independent Director) Board of Directors Chairman Emeritus
Page 34
Mrs. Kalpana Morparia (Independent Director) Mrs. Kalpana Morparia has been recognized by several international and national media for her role as one of the leading women professionals. She is also a member of the Governing Board of Bharti Foundation, Foundation for Audit Quality (FAQ) and Krea University. She is also a Director of Generation India Foundation. She has been conferred the Padma Shri award in the category of Trade and Industry by the Government of India in January 2024. Mr. Keki Mistry (Independent Director) Mr. Keki Mistry is a Chartered Accountant from the Institute of Chartered Accountants of India (ICAI). Mr. Keki Mistry brings with him over four decades of varied work experience in the Banking and Financial Services domain. With the amalgamation of HDFC, Mr. Mistry superannuated from HDFC (Vice-Chairman & CEO) and has been appointed as a Non-Executive Director on the Board of HDFC Bank Limited from June 30, 2023. Mr. Raju Shukla (Independent Director) Mr. Shukla is the Founder of Ariana Investment Management, a fund management company regulated by Monetary Authority of Singapore (MAS) with offices in Singapore and Mumbai. He was also Non-Executive Chairman of Ocean Dial Asset Management that manages over USD 500 Mn of assets investing in listed Indian equities. Mr. Raju Shukla is a senior banking and investment industry professional with over 20 years’ experience. Mr. Ranjit Pandit (Independent Director) As erstwhile Managing Director – India for McKinsey & Co., he served a number of major U.S. and other global companies in a variety of areas, including corporate governance/leadership, corporate finance, alliances and operations management. Mr. Ranjit Pandit is currently an investor and a philanthropist with a controlling interest in several manufacturing businesses. Mr. T. N. Ninan (Independent Director) Mr. Ninan has widely considered to be a pioneering editor and trend-setter in Indian business journalism with a career spanning five decades. He has been chairman of the board of trustees of Independent and Public-Spirited Media Foundation, the largest charitable funder of independent news websites. He was an independent director of The Press Trust of India Ltd, India’s leading wire service. Board of Directors 34
Page 35
Mr. Uday Shankar (Independent Director) An acclaimed entrepreneur and executive, he is credited with transforming the media and entertainment industry in India and Asia Pacific over the last three decades. Mr. Uday began his career as a journalist before assuming leadership of Star India (later Disney Star) and creating the largest media and entertainment business in the Asia-Pacific region. Mr. Ravi K. Sheth (Non-Executive Director) Mr. Ravi K. Sheth has been providing outstanding leadership as Managing Director of GIL and has significantly contributed to the progress and growth of GIL, which is today one of India’s largest offshore oilfield services providers. With a view to focus on the offshore business, at his request, Mr. Ravi K. Sheth was relieved from the position of the ‘Executive Director’ of the Company w.e.f. April 01, 2015. Since then, he continues to be the Non-Executive Director of the Company. Mr. G. Shivakumar (Executive Director & CFO) He joined the Company as a management trainee immediately after completing his management in 1990 and contributed to the Company through stints in key functions like Treasury, Corporate Finance, Human Resources and Strategic Planning. He rose to become the ‘Chief Financial Officer’ of the Company in 2008 and the ‘Executive Director & CFO’ of the Company on November 14, 2014. He is also Chief Financial Officer of our subsidiary Greatship (India) Limited. Board of Directors 35 Mr. Shivshankar Menon (Independent Director) Ambassador Shivshankar Menon is currently visiting professor at Ashoka University, India, and Chair of the Ashoka Centre for China Studies. He was previously National Security Advisor to the Prime Minister of India, Jan 2010-May 2014; Foreign Secretary of India, October 2006- July 2009; and has served as the Indian Ambassador or High Commissioner to China, Pakistan, Sri Lanka and Israel. He is also Chairman, Advisory Board, Institute of Chinese Studies, New Delhi; Distinguished Fellow of the Centre for Social and Economic Progress, India; Member, Board of Trustees, International Crisis Group; and, a Distinguished Fellow, Asia Society Policy Institute, New York.
Page 36
ESG 36 Environmental Social Governance CO2 Emission reduction measures: High performance paint, Mewis duct, & redesigned propellers. Regulatory compliance: Ballast water treatment on all vessels & digitalisation of environment records Effective management of Fuel EU / EU ETS regulations: Use of bio-fuels, participation in carbon credits & Environment Ship Index program. Company specific training: Company specific crew training on safety, digital navigation, and emergency drills. Seafarer’s well-being: Medical insurance, mental-health support, offshore communication & internet facilities. CSR investments via GE Foundation: Education, healthcare, & livelihood development in eastern & northeastern India. Regulatory compliance: Robust Integrated Management System (IMS) certified under ISO 14001, ISO 45001, and ISO 9001. Corporate governance: Strong Board diversity with independent oversight; transparent BRSR & ESG disclosures. Quality risk management: Zero-tolerance toward corruption, data breaches, and non-compliance; active whistle-blower mechanism.
Page 37
Since 2015, GEF has partnered with 62 NGOs under the three key CSR focus areas. Education: More than 2.70 Lakh students reached out through primary and secondary education. Health: Around 90,000 women, 13,000 girls and 51,000 children provided with health services – including maternal care, nutrition support through clinics and community programs. Livelihoods: Around 47,000 women provided with entrepreneurship trainings and business handholding support in agriculture, non- agriculture sectors and handloom weaving. FY 2026-27: Currently, supporting 29 NGOs working under education, health and livelihoods across 22 States and Union Territories in India. Great Eastern Shipping Foundation 37
Page 38
Great Eastern Shipping Foundation 38 LivelihoodHealthEducation 1. Access Livelihoods Foundation1. Animedh Charitable Trust1. Adhyayan Quality Education Foundation 2. Ayang Trust2. Nourishing Schools Foundation (NSF)2. Akanksha Foundation 3. Foundation for Promotion of Sports and Games (OGQ program)3. Can Support3. Alumni Association of College of Engineering, Guindy (AACEG) 4. Under The Mango Tree Society4. Inga Health Foundation (IHF)4. 17000ft Foundation 5. Forum for Knowledge and Social Impact/IDR5. Every Infant Matters Association5. IIT Madras 6. Mauna Dhwani Foundation6. Ronald McDonald House Charities Foundation India (RMHC India)6. Educational Initiatives 7. Medha Learning Foundation7. Anushkaa Foundation for Eliminating Clubfoot 7. Ummeed Child Development Center 8. Nudge Lifeskills Foundation8. Rocket Learning 9. Sri Arunodayam Charitable Trust9. Open Links Foundation 10. Vrutti10. Eastern Himalayan Foundation 11. Samast Mahajan11. Vision Empower
Page 39
CSR 39 INR 160 Crore Total CSR Spent 62 No. of NGO partners supported 22 States & UT Geography Covered
Page 40
Fleet Details
Page 41
Shipping Fleet 41 BUILTGRTDWTTYPEVESSEL NAMESR.NO 201081,4271,57,642SuezmaxJAG LEENA1 201181,4271,57,642SuezmaxJAG LAKSHYA2 201084,7951,64,715SuezmaxJAG LAADKI3 201157,2491,05,525AframaxJAG LEELA4 2012 57,2491,05,525AframaxJAG LAXMI5 Crude Tanker (Oil) Product Tanker BUILTGRTDWTTypeVESSEL NAMESR.NO 201259,0241,05,258Long Range 2JAG LARA6 201557,9971,09,990Long Range 2JAG LAXMAN7 200842,40374,841Long Range 1JAG AABHA8 200842,40374,811Long Range 1JAG AANCHAL9 200942,40374,500Long Range 1JAG AMISHA10 200942,40374,859Long Range 1JAG APARNA11 200729,90947,400Medium RangeJAG PUSHPA12 200730,02847,400Medium RangeJAG PRERANA13 200829,73351,464Medium RangeJAG PAVITRA14 201629,96749,717Medium RangeJAG PUNIT15 200830,17046,197Medium RangeJAG PARTH16 201028,46549,999Medium RangeJAG PRIYA17 201329,76251,486Medium RangeJAG PRACHI18 201329,70849,990Medium RangeJAG PRIYANKA19 201429,62251,565Medium RangeJAG PRANESH20 201430,06949,420Medium RangeJAG PRABHU21 40 VESSELS IN FLEET 4 VESSEL CLASSES 3,224,888 T OT AL DW T ( MT ) 14.37 AV ER AGE YEAR S
Page 42
Shipping Fleet 42 LPG Carrier Dry Bulk Carrier BUILTGRTDWTTYPEVESSEL NAMESR.NO 200623,00326,427MGCJAG VIKRAM22 200648,77254,490VLGCJAG VASANT23 201547,34754,564VLGCJAG VIJAY24 200748,77254,450VLGCJAG VIRAAT25 BUILTGRTDWTTYPEVESSEL NAMESR.NO 201193,2271,79,250CapesizeJAG ANAND26 201492,1551,80,694CapesizeJAG ALAIA27 201143,79080,325KamsarmaxJAG ADITI28 201543,00780,699KamsarmaxJAG ARNAV29 201644,12782,094KamsarmaxJAG AJAY30 201644,11382,023KamsarmaxJAG AALOK31 201644,11382,044KamsarmaxJAG AKSHAY32 201744,12782,084KamsarmaxJAG AMAR33 201443,43080,919KamsarmaxJAG AMAIRA34 201543,18481,843KamsarmaxJAG AMOL35 201643,03681,922KamsarmaxJAG ANJALI36 201443,29181.094KamsarmaxJAG ABHISHEK37 201935,84263,480UltramaxJAG RIDDHI38 200932,35458,133SupramaxJAG RADHA39 201331,75156,103SupramaxJAG RAJIV40
Page 43
Offshore Fleet & vessel specifications 43 19 VESSELS IN FLEET 4 VESSEL CLASSES 55,247 TOTAL DWT (MT) 16.48 AVERAGE AGE (Yrs) Year BuiltDWT (MT)Vessel / Rig NameCategory 20053,329Greatship Dipti Platform Supply Vessel 20083,329Greatship Dhriti 20083,304Greatship Dhwani 20154,149Greatship Prachi 20102,242Greatship Ramya R Class Supply Vessel 20113,609Greatship Rashi 20123,656Greatship Roopa 20123,674Greatship Rachna 20082,188Greatship Anjali Anchor Handling Tug cum Supply Vessel 20082,045Greatship Amrita 20091,634Greatship Ahalya 20091,650Greatship Aarti 20092,045Greatship Aditi 20091,650Greatship Asmi 20071,650Greatship Amaira 20123,289Greatship Vidya 20123,331Greatship Vimla 20094,252Greatship MayaMulti-purpose Platform Supply & Support Vessel 20104,221Greatship Manisha
Page 44
Common Shipping Terminology 44 NAV (Net Asset Value) Methodology (INR/share) We take the values as per the balance sheet and replace the net block of the fleet with the quarter ending market value of the fleet to determine NAV in INR/share basis. This market value (of each ship) is the average of the values provided by atleast 2 international shipping brokers. Revenue Coverage (%) The percentage of revenue days that are already secured through existing charter contracts out of total revenue days. Orderbook The total number of vessels that have been ordered from shipyards but not yet been delivered, as compared to the fleet in water. Scrapping The permanent removal of older or uneconomical vessels from service by scraping them for recycling. Opex (Operating Expenses) (USD/day) The day-to-day costs of operating a vessel, including manning (crew related expenses), repairs-store-maintenance, insurance costs, lubricants, etc. Opex excludes financing costs, depreciation, and voyage related expenses such as fuel, port charges and any voyage specific charges. Time Charter (TC) The charterer hires a vessel for a fixed period and pays a fixed daily charter rate, as agreed before the charter agreement. Various past through costs like bunker charges, port charges, etc. are borne directly by the charterer. As the inflows are as per agreed charter rate and does not include any pass- through elements, it is often considered as a clean rate. TCE (Time Charter Equivalent) (USD/day) A standardized measure of a vessel's earnings per day considers only the clean rates. It is used to compare rates on a historical basis and across different companies.
Page 45
Thank You! Visit us at www.greatship.com