Great Eastern Shipping Co. Ltd. · NSE:GESHIP
Great Eastern Shipping — The Great Eastern Shipping — Q3 FY2025 Earnings Presentation
42 slides from Great Eastern Shipping's earnings presentation, Jan 28, 2025
Slide 1: Q3 FY25 Earnings Presentation
Q3 FY25 Earnings Presentation 28 JAN 2025
Slide 2: Disclaimer
DISCLAIMER Except for historical information, the statements made in this presentation constitute forward looking statements. These include statements regarding the intent, belief or current expectations of GE Shipping and its management regarding the Company’s operations, strategic directions, pros
Slide 3: Q3FY25 Highlights
Q3FY25 HIGHLIGHTS • Q3FY25: Net profits of INR 594 Cr on a consolidated basis • Our consolidated NAV is INR 1,418/share as on 31st Dec 2024 • Declared 3rd Interim dividend (12th consecutive quarterly) of INR 8.10/Share for Q3FY2025. Total dividend for 9M FY2025 is INR 24.30/Share. GE Shipping – Q3FY
Slide 4: Reported Highlights
REPORTED HIGHLIGHTS Q3 Q3 9M Q3 Q3 9M Fig in INR Crores FY25 FY24 FY25 FY25 FY24 FY25 • GE Shipping Q3FY25 I n come St a t e me n t consolidated Net Revenue* 1,227 1,110 3,790 1,501 1,396 4,784 EBITDA* 875 686 2,507 875 801 2,851 Profit at INR 594 Cr N e t P rofi t 679 488 1,912 594 538 1,981 • Decl
Slide 5: Normalised Financials
NORMALISED FINANCIALS o The impact of the exchange rate on foreign currency loans and current assets and liabilities, including cash and bank balances, has been removed o NCD & Currency Swap: o Funds raised through NCDs have been swapped into USD using INR-FCY swaps, thus creating synthetic fixed ra
Slide 6: Normalised Financial Highlights
NORMALISED FINANCIAL HIGHLIGHTS Standalone Conslidated • GE Shipping Q3FY25 Q3 Q3 9M Q3 Q3 9M Fig in INR Crores FY25 FY24 FY25 FY25 FY24 FY25 consolidated Net Profit at INR 569 Cr In come St at e me n t • Declared 3rd Interim Revenue* 1,227 1,110 3,790 1,501 1,396 4,784 EBITDA* 820 689 2,453 826 789
Slide 7: Normalised Financial Highlights
NORMALISED FINANCIAL HIGHLIGHTS Standalone Conslidated Q3 Q3 9M Q3 Q3 9M FY25 FY24 FY25 FY25 FY24 FY25 Ke y Financial Figure Return on Equity (ROE%)** 22% 22% 23% 17% 19% 20% Return on Capital Employed (ROCE%)** 19% 17% 19% 14% 16% 17% Gross Debt/Equity (x) 0.20 0.31 0.20 0.22 0.34 0.22 Net Debt/Equ
Slide 8: Normalised Financials – Key Ratios
NORMALISED FINANCIALS – KEY RATIOS Earnings per Share (INR/Share) Cash Profit per Share (INR/Share) Standalone Consolidated Standalone Consolidated 60 59.57 51.21 48.98 71.06 57.26 50 43.62 70.26 35.65 45.03 41.65 49.13 49.13 45.1 63.89 47.62 37.06 38.67 60.7154.73 52.26 57.44 40 46.34 39.82 57.95 5
Slide 9: Consistent Dividend Payouts
CONSISTENT DIVIDEND PAYOUTS 40 36.3 35 30 28.8 25 20 24.3 15 11.5 13.5 15.0 11.0 10.0 10.1 9.9 9.0 8.0 9.0 9.0 10 8.0 7.5 8.1 6.5 6.5 7.2 3.1 5.4 4.0 8.0 3.3 4.0 4.0 5 2.4 2.3 3.0 2.8 2.3 2.0 0 2.0 1.5 Dividend Per Share (INR/Share) GE Shipping – Q3FY25 Results 9
Slide 10: Profit & Loss Statement – Industry Format
PROFIT & LOSS STATEMENT – INDUSTRY FORMAT Standalone Conslidated Q3 Q3 9M Q3 Q3 9M Figures in INR Crores FY25 FY24 FY25 FY25 FY24 FY25 Operating Revenue 866 990 3,015 1,225 1,230 4,070 Less: Direct Operating Expenses/Voyage Expenses 97 141 406 182 164 575 Time C har ter Equiv alent ( A) 770 849 2,60
Slide 11: Shareholding Pattern
SHAREHOLDING PATTERN FII/FPI 25% Promoters 30% Govt./FI/Corp 18% Public 27% 31-Dec-2024 GE Shipping – Q3 & 9MFY23 Results GE Shipping – Q3FY25 Results 11
Slide 12: Performance Review
PERFORMANCE REVIEW Breakup of Revenue Days (Shipping) Q3 Q3 Revenue Days FY25 FY24 Owned Tonnage 3,611 3,690 Inchartered Tonnage 184 28 Total Revenue Days 3,795 3,718 Total Owned Tonnage (mn.dwt) 3.10 3.36 Breakup of Revenue Days (Offshore) Q3 Q3 Revenue Days FY25 FY24 Offshore Logistics 1,464 1,566
Slide 13: Performance Review
PERFORMANCE REVIEW Avg TCYs in Various Categories Q3 Q2 QoQ Q3 YoY Avg (TCYs USD/Day) FY25 FY25 % FY24 % Crude Carriers 40,082 28,492 41% 45,556 -12% Product Carriers 23,655 28,978 -18% 28,566 -17% LPG Carriers 41,137 43,507 -5% 31,255 32% Dry Bulk 16,030 16,686 -4% 16,478 -3% GE Shipping – Q3FY25 R
Slide 14: Changes in Standalone NAV (Y-O-Y)
CHANGES IN STANDALONE NAV (Y-O-Y) Changes in Standalone NAV (YTD) 1400 218 1200 1138 1068 -114 -33 1000 800 INR/SHARE 600 400 200 0 NAV Dec-23 Cash Profit Fleet Value Dividend NAV Dec-24 GE Shipping – Q3FY25 Results 14
Slide 15: Years Movement in Standalone NAV
5 YEARS MOVEMENT IN STANDALONE NAV Standalone NAV – Continues to touch new highs 1200 1138 1000 CAGR: 21% INR/SHARE 800 600 454 400 200 0 FY20 FY21 FY22 FY23 FY24 9MFY25 GE Shipping – Q3FY25 Results 15
Slide 16: Changes in Consolidated NAV (Y-O-Y)
CHANGES IN CONSOLIDATED NAV (Y-O-Y) Changes in Consolidated NAV (YTD) 1800 1600 255 1418 1400 1316 -121 -33 1200 INR/SHARE 1000 800 600 400 200 0 NAV Dec-23 Cash Profit Fleet Value Dividend NAV Dec-24 GE Shipping – Q3FY25 Results 16
Slide 17: Revenue Coverage
REVENUE COVERAGE Coverage of Operating Days (Shipping) Category Q4FY25 Crude Carriers 44% Product Carriers 53% LPG Carriers 100% Dry Bulk 63% Revenue Days Q4FY25 Jack Up Rigs 59% AHTSV 78% MPSVV 49% PSV/ROVSV 100% GE Shipping – Q3FY25 Results 17
Slide 18: Standalone Debt Repayment Schedule
STANDALONE DEBT REPAYMENT SCHEDULE GESCO Standalone (USD mn) 80 300 70 67 67 66 284 250 61 60 200 50 40 150 30 23 100 20 50 10 0 0 Dec-24 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29 Loan Repayments Loan O/S (RHS) 1) From Oct-24 to Jan-25, we have prepaid ~$33 Mn of our ECBs. Currently we do not have any ECB
Slide 19: Fleet Profile
FLEET PROFILE Fleet Profile - Shipping DWT Fleet (28 Jan'25) Fleet Q3FY25 No Avg Age *Supramax Dry Bulk Carrier Crude Carriers 684,614 5 15.37 contracted for sale post Q3FY25 Product Carriers 1,047,743 17 15.53 with expected delivery in Gas Carriers 185,363 4 19.20 Q4FY25 Dry Bulk Carriers* 1,182,45
Slide 20: Shipping Market
=H The Great Fastern \, Shipping Co. Ltd. SHIPPING MARKET Te ‘SHIPPING
Slide 21: Crude and Product Tankers
CRUDE AND PRODUCT TANKERS Avg. Suezmax Earnings (USD/day) Avg. MR Earnings (USD/day) 100,000 60,000 90,000 50,000 80,000 70,000 40,000 60,000 50,000 30,000 40,000 20,000 30,000 20,000 10,000 10,000 0 0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY
Slide 22: Crude and Product Tankers
CRUDE AND PRODUCT TANKERS • The general weak sentiment in oil witnessed for much of the year continued in Q3 FY25 amidst softer global demand (particularly in China), ongoing OPEC+ output curbs (which were extended in early December) and weak refinery throughput. • Red Sea disruption has resulted in
Slide 23: Dry Bulk
DRY BULK DB Freight even though averaged higher than previous 9M, has corrected in Q3 significantly Y-o-Y Avg. Baltic Capesize 5T/C Earnings (USD/day) Avg. Baltic Supra BSI-58 10T/C Earnings 70,000 (USD/day) 40000 60,000 35000 50,000 30000 40,000 25000 20000 30,000 15000 20,000 10000 10,000 5000 0 0
Slide 24: Dry Bulk
DRY BULK • In Q3 FY25, spot earnings declined year-on-year for all vessel types. Capesize and Kamsarmax earnings were down year-on-year by 39% and 36%, respectively, while Supramax earnings dropped year-on-year by 19%. • Global iron ore trade declined marginally year-on-year during Q3 FY25 due to sl
Slide 25: LPG Gas
LPG GAS Avg. VLGC Earnings (USD/day) 170,000 VLGC Spot earnings averaged much lower during 9M FY-25 150,000 in comparison to 9M FY-24. 130,000 110,000 90,000 USD/day FY25 FY24 % change 70,000 9M 40,321 97,826 -59% 50,000 30,000 10,000 April May June July Aug Sep Oct Nov Dec Jan Feb Mar FY 22 FY23 FY
Slide 26: Fleet Supply
The Great Eastern Shipping Co. Ltd. FLEET SUPPLY
Slide 27: Low Order Book to Fleet Ratio
LOW ORDER BOOK TO FLEET RATIO Historic Order Book as a % of fleet (Calendar Year) 90% 80% 70% 60% Current Orderbook 50% 40% 28.3% 30% 20% 10.3% 22.9% 10% 10.6% 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 Bulkers Prod
Slide 28: Orderbook – Yearwise Breakup
ORDERBOOK – YEARWISE BREAKUP Orderbook – Crude and LPG orderbook are tail ended Total: 28.26% 20.00% 17.89% 15.00% Total: 22.92% 10.00% 8.82% Total: 10.26% Total: 16.45% 5.90% Total: 10.58% 5.52% 5.00% 3.22% 0.00% Crude Product Product Ex LR2 Dry Bulk LPG Cal 2025 Cal 2026 Cal 2027 and Beyond Source
Slide 29: Scrapping
SCRAPPING Scrapping continues to be very low, and the pool of old ships continues to grow Fleet (Mn Dwt) Vessel Category Jan-25 Crude 463 Product 189 Dry Bulk 1,034 Scrapping (% Beginning world fleet) CY CY CY CY CY CY CY CY CY Vessel Category 2024 2023 2022 2021 2020 2019 2018 2017 2016 Crude 0.21
Slide 30: Orderbook and Scrapping Potential
ORDERBOOK AND SCRAPPING POTENTIAL Orderbook Vs Scrapping Potential 25% Aeging FLeet as a % of Total Fleet Crude Tankers 20% Product Tankers 15% Dry Bulk Carriers LPG Carriers 10% 5% 0% 0% 5% 10% 15% 20% 25% 30% Orderbook as % of Total Fleet Scrapping Potential: For LPG carriers 25+ age is considered
Slide 31: Asset Price Movement
THE GREAT EASTERN SHIPPING CO. LTD. ASSET PRICE MOVEMENT
Slide 32: Asset Price Movement (Indexed Over Last 5 Yrs)
95 105 115 125 135 145 155 175 185 80 90 100 110 130 140 150 160 85 165 120 Jan-20 Jan-20 Apr-20 Apr-20 Jul-20 Jul-20 5 YRS) Oct-20 Oct-20 Jan-21 Jan-21 Sources: Industry Reports Apr-21 Apr-21 Jul-21 Jul-21 Oct-21 Oct-21 Jan-22 Jan-22 Apr-22 Apr-22 Jul-22 Jul-22 Capesize Suezmax Oct-22 Oct-22 Jan-23
Slide 33: Greatship (India) Limited 100% Subsidiary
GREATSHIP (INDIA) LIMITED 100% SUBSIDIARY
Slide 34: Market Trends: Utilisation
MARKET TRENDS: UTILISATION Jack Up Utilisation : Gradual Improvement % Util 450 85 80 400 75 350 70 300 65 60 250 55 200 50 Nov 2010 Nov 2012 Nov 2014 Nov 2016 Nov 2018 Nov 2020 Nov 2022 Nov 2024 Jul 2017 Jul 2011 Jul 2013 Jul 2015 Jul 2019 Jul 2021 Jul 2023 Mar 2010 Mar 2012 Mar 2014 Mar 2016 Mar 2
Slide 35: Fleet Supply
FLEET SUPPLY Number Jack-up Rigs PSV+AHTSV Current Fleet 503 3,359 Under Contract Fleet 360 2,321 Order Book 12 57 O/B to Current Fleet 2.4% 1.7% Total Scrapping since Jan 2016 (Nos) 145 724 No of Vessels/Rigs more than 20/30 years old (% Fleet) 32% 22% Cold stacked more than 3 years 61 434 Source:
Slide 36: Repricing
REPRICING Vessels Rigs 6 3 3 2 2 2 1 1 1 1 1 0 0 0 0 0 H2 F Y 2 5 H1 FY 2 6 H2 FY 2 6 H1 FY 2 7 H2 F Y 2 7 H1 F Y 2 8 H2 F Y 2 8 H1 F Y 2 9 GE Shipping – Q3FY25 Results 36
Slide 37: Debt Repayment Schedule
DEBT REPAYMENT SCHEDULE GIL (USD Mn) 30 90 26 26 26 80 25 82 70 20 60 50 15 40 10 30 5 20 5 10 0 0 Dec-24 Mar-25 Mar-26 Mar-27 Mar-28 Repayments Loan O/S (RHS) GE Shipping – Q3FY25 Results 37
Slide 38: Financials
‘The Great Eastern Shipping Co. Ltd. FINANCIALS Q aa \\o THEGR \ SHIPPING C \
Slide 39: Strong Cashflows Led Net Debt to Net Cash
STRONG CASHFLOWS LED NET DEBT USD 360 MN TO NET CASH OF ~USD 500 MN USD Mn Net Debt Expansion Phase Net Debt Reduction Phase 500 0.60 400 0.50 300 0.40 200 0.30 100 0.20 - 0.10 -100 - -200 -0.10 -300 -0.20 -400 -0.30 -500 -0.40 -600 -0.50 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY202
Slide 40: Share Price to Consolidated NAV
SHARE PRICE TO CONSOLIDATED NAV INR/Share 1600 1 1400 0.9 0.8 1200 0.7 1000 0.6 800 0.5 600 0.4 0.3 400 0.2 200 0.1 0 0 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 9MFY25 Consolidated NAV Standalone NAV Share Price/Consol. NAV (RHS) * For Q3FY25 we have taken share price as on 28th Jan 2025 GE Ship
Slide 41: Great Eastern Foundation
GREAT EASTERN FOUNDATION EDUCATION HEALTH LIVELIHOODS SPECIAL PROJECTS 3,278 321 1,972 students with low athletes and para- children vision/blindness/ athletes trained undergoing 45,200 1,32,800 44,100 deaf-blind were for Olympic and Paralympic games cancer treatment were given teachers, education o
Slide 42: Thank You
THANK YOU Visit us at www.greatship.com Read the Story of GE Shipping – Coffee Table Book GE Shipping – Q3FY25 Results 42
The Great Eastern Shipping — Q3 FY2025 Earnings Presentation on 6ix