Great Eastern Shipping Co. Ltd. · NSE:GESHIP
Great Eastern Shipping — The Great Eastern Shipping Company — Q2 FY27 Earnings Presentation
47 slides from Great Eastern Shipping's earnings presentation, Nov 9, 2026
Slide 1: Exchange filing cover letter for Investor Presentation
THE GREAT EASTERN SHIPPING COMPANY LIMITED CIN: L3511 OMH 1948PLC006472 OCEAN HOUSE, 134/A, Dr. Annie Besant Road, Worli, Mumbai~ 400 0I 8, INDIA. Tel.: +9 I (22) 6661 3000 / 2492 2JOO Fax: +91 (22) 2498 5335 Our Ref.: S/2026/SECL November 09, 2026 BSE Limited National Stock Exchange of India Limite
Slide 2: Investor Presentation Q2FY27
INVESTOR PRESENTATION Q2FY27
Slide 3: Disclaimer
THE GREAT EASTERN Disclaimer \ ¢ SHIPPING CO. LTD. 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, recommenda
Slide 4: Financial Highlights
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Slide 5: 2Q27 Results Highlights
THE GREAT EASTERN 2Q27 Results Highlights \ .. ¢- ' SHIPPING CO. LTD. NET PROFIT CASH PROFIT Consolidated INR 1,269 Cr Consolidated INR 1,522 Cr Standalone INR 1,027 Cr Standalone INR 1,211 Cr NET ASSET VALUE HIGHEST EVER INTERIM DIVIDEND MAINTAINS AT HIGHEST EVER LEVEL Consolidated INR 2,224 /share
Slide 6: Reported Financials
THE GREAT EASTERN Reported Financials \ ¢ SHIPPING CO. LTD. Standalone Consolidated Figures in INR Crores Q2 FY27 Q2 FY26 H1 FY27 Q2 FY27 Q2 FY26 H1 FY27 Income Statement Revenue* 1,702 950 3,521 2,234 1,382 4,520 EBITDA* 1,244 660 2,624 1,566 868 3,185 Net Profit 1,027 460 2,184 1,269 581 2,578 Bal
Slide 7: Normalised Financials
THE GREAT EASTERN Normalised Financials \ ¢ SHIPPING CO. LTD. Standalone Consolidated Figures in INR Crores Q2 FY27 Q2 FY26 H1 FY27 Q2 FY27 Q2 FY26 H1 FY27 Income Statement Revenue* 1,702 950 3,521 2,234 1,382 4,520 EBITDA* 1,200 587 2,563 1,504 797 3,111 Net Profit 988 398 2,136 1,213 525 2,517 Bal
Slide 8: Normalised Financial Highlights
THE GREAT EASTERN Normalised Financial Highlights \ ¢ SHIPPING CO. LTD. Standalone Consolidated Key Financial Highlights Q2 FY27 Q2 FY26 H1 FY27 Q2 FY27 Q2 FY26 H1 FY27 Return on Equity 26% 13% 29% 26% 14% 28% Return on Capital Employed 24% 12% 27% 25% 13% 26% Gross Debt/Equity (x) 0.07 0.13 0.07 0.
Slide 9: P&L Statement – Industry Format
THE GREAT EASTERN P&L Statement – Industry Format \ ¢ SHIPPING CO. LTD. Standalone Consolidated Figures in INR Crores Q2 FY27 Q2 FY26 H1 FY27 Q2 FY27 Q2 FY26 H1 FY27 Operating Revenue 1,327 847 2,876 1,816 1,236 3,816 Less: Direct Operating Expense/Voyage Expense 138 97 274 219 174 431 Time Charter
Slide 10: Business Overview
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Slide 11: Crude and Product Tanker
THE GREAT EASTERN Crude and Product Tanker \ ¢ SHIPPING CO. LTD. Avg. Suezmax Earnings (USD/day) Crude Tankers 800000 • Global crude trade recovered 8% q/q, with AG loadings improving to ~60% of pre-war levels in Q2 700000 FY27. AG loadings rose to ~8 mbpd in Q2 FY27 and remain on an upward trend; h
Slide 12: Dry Bulk
Dry Bulk "' ¢ ' THE GREAT EASTERN SHIPPING CO. LTD. Avg. Baltic Capesize 5T/C Earnings (USD/day) 70000 The strength in bulk carrier earnings continued through Q2 FY27. Capesize earnings outperformed, rising 67% y/y, while Kamsarmax and Supramax earnings each grew y/y by 27%. 60000 50000 40000 30000
Slide 13: LPG
THE GREAT EASTERN LPG \ ¢ SHIPPING CO. LTD. Avg. VLGC Earnings (USD/day) VLGC spot earnings surged 135% y/y in Q2 FY27. 250000 200000 Overall trade volumes declined by 14% y/y as MEG exports halved. However, share of ship-to-ship transfers in total exports via Hormuz jumped to ~75% in Q2 FY27 , crea
Slide 14: Asset Price Movement
THE GREAT EASTERN Asset Price Movement – Last 5 years \ ¢ SHIPPING CO. LTD. 5 Yr Old Asset Value Movement (Crude) 5 Yr Old Asset Value Movement (Product) 320 302 200 193 300 280 180 260 240 160 220 200 140 180 160 120 140 120 100 100 80 80 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Apr-22 Apr-23 Apr-25 Apr-
Slide 15: Historical Order Book as % of Fleet
THE GREAT EASTERN Historical Order Book as % of Fleet \ ¢ SHIPPING CO. LTD. Historic Order Book as a % of fleet (Calendar Year) 90.0 80.0 70.0 60.0 50.0 40.0 38.8 30.0 28.3 20.0 22.0 10.0 15.8 0.0 - Crude tankers - Product tankers - Bulkers - LPG Carriers (65k+ cbm) 14
Slide 16: Global Order Book
THE GREAT EASTERN Global Order Book \ ¢ SHIPPING CO. LTD. Orderbook % of fleet 18.0% 16.7% 16.0% 14.0% 12.0% 11.6% 11.4% 9.7% 10.0% 9.1% 8.0% 7.4%7.4% 6.6% 6.6% 5.8% 6.0% 5.1% 5.1% 4.8% 4.5% 4.8% 4.0% 2.4% 1.9% 1.9% 2.0% 1.0% 1.3% 0.0% - Crude Product Product (Ex LR2) ■ Drybulk LPG ■ Cal 2026 ■ 2027
Slide 17: Global Scrapping Data
THE GREAT EASTERN Global Scrapping Data \ ¢ SHIPPING CO. LTD. Scrapping (% Beginning world fleet) Vessel CY 2026 CY 2025 CY 2024 CY 2023 CY 2022 CY 2021 CY 2020 CY 2019 CY 2018 CY 2017 Category (YTD) Crude 0.52 0.48 0.14 0.08 0.67 2.19 0.51 0.55 4.39 2.43 Product 0.43 0.85 0.08 0.14 0.74 2.03 0.56 0
Slide 18: Offshore Market Trends – Jackup Rig Utilization
THE GREAT EASTERN Offshore Market Trends – Jackup Rig Utilization \ ¢ SHIPPING CO. LTD. Jack Up Utilisation 450 85 80 400 75 350 70 300 65 60 250 55 200 50 Sep-13 Sep-10 Sep-11 Sep-12 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Sep-26 Mar-10 Mar-11 Mar-12 Mar-
Slide 19: Offshore (GIL) Fleet Supply – Rigs & OSVs
THE GREAT EASTERN Offshore (GIL) Fleet Supply – Rigs & OSVs \ ¢ SHIPPING CO. LTD. Industry Data Rigs Vessels Current Fleet 489 3345 Fleet Under Contract 364 2327 Orderbook 12 97 O/B to Current Fleet 2.5% 2.9% No of vessels/rigs more than 20/30 years old (As % of fleet) 31% 27% Cold stacked more than
Slide 20: Offshore (GIL) Fleet Repricing
THE GREAT EASTERN Offshore (GIL) Fleet Repricing \ ¢ SHIPPING CO. LTD. Repricing 9 8 8 7 7 6 5 4 3 2 2 2 2 1 1 1 0 0 0 0 0 0 0 0 H2FY27 H1FY28 H2FY28 H1FY29 H2FY29 H1FY30 H2FY30 ■ Vessels ■ Rigs 19
Slide 21: Company Overview
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Slide 22: Key Highlights
THEGREATEASTERN Key Highlights \ ., ,o ' SHIPPIN G CO. LTD. India Largest 1948 Shipping & AAA GIL: 4 RIGs Foundation Oilfield Services GESCO Credit Rating & 19 OSVs Provider ~ 16 42 26 3,381,290 Dry Bulk Carrier Vessels Tankers Deadweight Ton :ft .. ..,, ♦ .. 21
Slide 23: Shareholding Pattern as on 30th September 2026
Shareholding Pattern as on 30th September 2026 FII/FPI Promoters 31% 30% DII/FI Public 12% 27% 22
Slide 24: Fleet profile
THE GREAT EASTERN Fleet profile \ ¢ SHIPPING CO. LTD. Fleet Profile – Shipping Fleet (6-Nov-26) Fleet No DWT Avg. Age (Yrs) Crude Carrier 5 691,049 15.74 Product Carrier 16 1,010,158 15.80 Gas Carrier 5 244,447 16.49 Dry Bulk Carrier 16 1,435,636 12.04 Total 42 3,381,290 14.44 Fleet Profile – Offsho
Slide 25: Sale & Purchase Activities in 2Q27
THE GREAT EASTERN Sale & Purchase Activities in 2Q27 \ ¢ SHIPPING CO. LTD. Purchases: Vessels added to the fleet in 2Q27 Sr. No. Vessel Name Type DWT Built 1 Jag Laxman Long Range 2 109,990 2015 Purchases: Vessels added to the fleet in 3Q27 – QTD 1 Jag Amit Kamsarmax 81,886 2015 2 Jag Vikrant VLGC 8
Slide 26: Performance Review
THE GREAT EASTERN Performance Review \ ¢ SHIPPING CO. LTD. Breakup of Revenue Days – Shipping Revenue Days Q2 FY27 Q2 FY26 Owned Tonnage 3,553 3,494 Inchartered Tonnage* 184 184 Total Revenue Days 3,737 3,678 Total Owned Tonnage (mm. dwt) 3.24 3.13 Breakup of Revenue Days – Offshore Revenue Days Q2
Slide 27: Revenue Coverage for Q3 FY27
THE GREAT EASTERN Revenue Coverage for Q3 FY27 \ ¢ SHIPPING CO. LTD. Coverage of Operating Days – Shipping Category Q3 FY27 Crude Carriers 58% Product Carriers 60% LPG Carriers 100% Dry Bulk 61% Coverage of Operating Days – Offshore Category Q3 FY27 Jack Up Rigs 72% AHTSV 89% MPSVV 91% PSV/ROVSV 100
Slide 28: Financial Parameters (Reported Basis)
THE GREAT EASTERN Financial Parameters (Reported Basis) \ ¢ SHIPPING CO. LTD. ROE (%) ROCE (%) 35% 30% 28% 30% 31% 29% 25% 28% 25% 30% 21% 18% 25% 28% 25% 20% 18% 20% 23% 19% 11% 22% 17% 13% 19% 15% 20% 15% 18% 16% 18% 10% 10% 8% 8% 5% 5% 0% 0% FY22 FY23 FY24 FY25 FY26 2Q27 FY22 FY23 FY24 FY25 FY26
Slide 29: NAV Movements
THE GREAT EASTERN NAV Movements \ ¢ SHIPPING CO. LTD. Standalone NAV (INR/Share) Consololidated NAV(INR/Share) 2000 2500 1787 2224 1800 CAGR: 26% CAGR: 29% 1600 1422 2000 1796 1400 1200 1127 1115 1500 1396 1406 962 1164 1000 800 618 1000 489 692 600 538 400 200 0 FY21 FY22 FY23 FY24 FY25 FY26 2Q27 5
Slide 30: Share Price to Consolidated NAV
THE GREAT EASTERN SHARE PRICE TO CONSOLIDATED NAV \ ¢ SHIPPING CO. LTD. INR/Share Share Price to Consol NAV 2,400 1.00 2,224 2,200 0.90 2,000 1,796 1,787 1,800 0.80 1,600 0.64 1,396 1,406 1,422 0.70 1,400 1,164 1,127 1,115 1,200 0.60 962 1,000 800 692 0.50 617 600 512 539 489 450 402 456 454 0.40 33
Slide 31: Dividend Payout
THE GREAT EASTERN Dividend Payout \ ¢ SHIPPING CO. LTD. GESCO Dividends (INR/Share) 40 36.3 35.1 35 28.8 29.7 30 28.8 25 20 15 13.5 10.1 9 9.9 10 7.2 8.1 5.4 5 0 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 YTD * FY27 includes dividend of INR 14.40/share declared for 2Q27 30
Slide 32: Debt Repayment Schedule
THE GREAT EASTERN Debt Repayment Schedule \ ¢ SHIPPING CO. LTD. GESCO - Standalone (USD mn) 80 200 66 60 150 119 40 30 90 100 23 66 20 50 0 0 0 Sep-26 Mar-27 Mar-28 Mar-29 - Repayments Loan O/s (RHS) 31
Slide 33: Strong Cashflows
THE GREAT EASTERN STRONG CASHFLOWS \ ¢ SHIPPING CO. LTD. Peak Net Debt USD 361mn to current Net Cash of USD 593mn (normalized) Net Debt: Expansion Phase Net Debt: Reduction Phase 600 0.60 0.49 400 361 0.40 200 0.20 - 0.00 (200) (0.20) (400) (0.37) (600) (0.40) (593) (800) (0.60) USD mnFY16 FY17 FY18
Slide 34: Current Positioning of GESCO
Current Positioning of GESCO \ ¢ THE GREAT EASTERN SHIPPING CO. LTD. How We Are Positioned Fleet Strategy – Replace, Not Expand ✓ Predominantly spot-market exposure across tankers ✓ Switch Transactions: Sell older vessels, buy relatively and dry bulk – as per our strategy younger ones with similar t
Slide 35: Board of Directors & ESG
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Slide 36: Board of Directors
THE GREAT EASTERN Board of Directors \ ¢ SHIPPING CO. LTD. 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 Mr. K. M. Sheth and Managing Director in 1975 and rose to become the Chairman and Managin
Slide 37: Board of Directors
THE GREAT EASTERN Board of Directors \ ¢ SHIPPING CO. LTD. Mrs. Kalpana 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
Slide 38: Board of Directors
Board of Directors \ ¢ THE GREAT EASTERN SHIPPING CO. LTD. Mr. Uday Shankar An acclaimed entrepreneur and executive, he is credited with transforming the media and entertainment industry in India and Asia Pacific (Independent over the last three decades. Mr. Uday began his career as a journalist bef
Slide 39: ESG
ESG \ <> THE GREAT EASTERN SI lIPPING CO. LTD . • Environmental • • Social • • Governance • Company specific training: Regulatory compliance: CO2 Emission reduction measures: Company specific crew training on Robust Integrated Management High performance paint, Mewis duct, safety, digital navigation
Slide 40: Great Eastern Foundation - CSR
Great Eastern Foundation - CSR \ <> THE GREAT EASTERN SI lIPPING CO. LTD. -------- INR 160 Crore 62 23 States & UT Total CSR Spent Total No. of NGO partners supported Geography Covered 39
Slide 41: Great Eastern Foundation – Sector wise partners
❖ Great Eastern Foundation – Sector wise partners \ THE GREAT EASTERN SHIPPING CO. LTD. Education Health Livelihood 1. Adhyayan Quality Education Foundation 1. Animedh Charitable Trust 1. Access Livelihoods Foundation 2. Akanksha Foundation 2. Nourishing Schools Foundation (NSF) 2. Ayang Trust 3. Al
Slide 42: Fleet Details
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Slide 43: Shipping Fleet
o THE GREAT EASTERN Shipping Fleet \ SHIPPING C O. LTD. 42 4 3,381,290 14.44 VESSELS IN FLEET VESSEL CLASSES TOTAL DWT (MT) AVERAGE YEARS Crude Tanker (Oil) Product Tanker SR.NO VESSEL NAME Type DWT GRT BUILT 6 JAG LARA Long Range 2 1,05,258 59,024 2012 7 JAG LAXMAN Long Range 2 1,09,990 57,997 2015
Slide 44: Shipping Fleet
THE GREAT EASTERN Shipping Fleet \. ¢ ,, SHIPPING CO. LTD. LPG Carrier Dry Bulk Carrier SR.NO VESSEL NAME TYPE DWT GRT BUILT 27 JAG ANAND Capesize 1,79,250 93,227 2011 28 JAG ALAIA Capesize 1,80,694 92,155 2014 29 JAG ADITI Kamsarmax 80,325 43,790 2011 30 JAG ARNAV Kamsarmax 80,699 43,007 2015 31 JA
Slide 45: Offshore Fleet & vessel specifications
THE GREAT EASTERN Offshore Fleet & vessel specifications \ ¢ SHIPPING CO. LTD. 19 4 55,247 16.74 VESSE LS I N FLE E T VESSE L CLA SSES TOTA L DW T (MT ) AVE RAG E AG E (Yrs ) Category Vessel / Rig Name DWT (MT) Year Built Greatship Dipti 3,329 2005 Greatship Dhriti 3,329 2008 Platform Supply Vessel
Slide 46: Common Shipping Terminology
THE GREAT EASTERN Common Shipping Terminology \ ¢ SHIPPING CO. LTD. NAV (Net Asset Value) Methodology (INR/share) Opex (Operating Expenses) (USD/day) - We take the values as per the balance sheet and replace the The day-to-day costs of operating a vessel, including manning net block of the fleet wit
Slide 47: Thank You!
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The Great Eastern Shipping Company — Q2 FY27 Earnings Presentation on 6ix