Great Eastern Shipping Co. Ltd. · NSE:GESHIP
Great Eastern Shipping — The Great Eastern Shipping — Q4 FY2025 Earnings Presentation
42 slides from Great Eastern Shipping's earnings presentation, May 12, 2025
Slide 1: Q4 FY25 Earnings Presentation
Q4 FY25 Earnings Presentation 12th May 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: Q4FY25 Highlights
Q4FY25 HIGHLIGHTS • Q4FY25: Net profits of INR 363 Cr on a consolidated basis • Our consolidated NAV is INR 1,406/share as on 31st March 2025 • Declared 4th Interim dividend (13th consecutive quarterly) of INR 5.40/Share for Q4FY2025. Total dividend for FY2025 is INR 29.70/Share. GE Shipping – Q4FY2
Slide 4: Reported Highlights
REPORTED HIGHLIGHTS Standalone Conslidated Q4 Q4 Q4 Q4 Fig in INR Crores FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 • GE Shipping Q4FY25 consolidated Net Income Statement Profit at INR 363 Cr Revenue* 923 1,323 4,713 4,724 1,373 1,727 6,157 5,919 EBITDA* 519 895 3,026 3,049 721 1,153 3,572 3,672 • 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 Q4 Q4 Q4 Q4 • GE Shipping Q4FY25 Fig in INR Crores FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 consolidated Net Profit Income Statement at INR 428 Cr Revenue* 923 1,323 4,713 4,724 1,373 1,727 6,157 5,919 • Declared 4th Interim EBITDA* 499 858 2,952
Slide 7: Normalised Financial Highlights
NORMALISED FINANCIAL HIGHLIGHTS Standalone Consolidated Q4 Q4 Q4 Q4 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 Key Financial Figure Return on Equity (ROE%)** 11% 28% 20% 24% 12% 28% 18% 22% Return on Capital Employed (ROCE%)** 10% 23% 17% 20% 11% 23% 16% 18% Gross Debt/Equity (x) 0.16 0.26 0.16 0.26 0.
Slide 8: Normalised Financials – Key Ratios
NORMALISED FINANCIALS – KEY RATIOS Earnings per Share (INR/Share) Cash Profit per Share (INR/Share) Earnings per Share (INR/share) Cash Profit per Share (INR/share) 60.00 59.57 80.00 57.26 51.21 70.26 71.06 48.98 70.00 50.00 49.1349.13 63.89 45.03 46.34 43.62 57.95 60.71 41.65 45.10 60.00 54.73 57.4
Slide 9: Consistent Dividend Payouts
CONSISTENT DIVIDEND PAYOUTS 40 36.3 35 30 28.8 29.7 25 20 15 13.5 11.5 15.0 10.0 11.0 10.1 9.0 9.0 9.9 10 8.0 8.0 7.5 7.2 8.1 9.0 3.1 6.5 6.5 4.0 8.0 5.4 3.3 4.0 4.0 5 2.4 2.3 2.3 3.0 2.8 2.0 0 2.0 1.5 Dividend Per Share (INR/Share) GE Shipping – Q4FY25 Results 9
Slide 10: Profit & Loss Statement – Industry Format
PROFIT & LOSS STATEMENT – INDUSTRY FORMAT Standalone Consolidated Q4 Q4 Q4 Q4 Figures in INR Crores FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 Operating Revenue 779 1,148 3,794 4,102 1,216 1,484 5,286 5,176 Less: Direct Operating Expenses/Voyage Expenses 97 153 504 626 180 179 755 680 Time Charter Equi
Slide 11: Shareholding Pattern
SHAREHOLDING PATTERN FII/FPI 25% Promoters 30% Govt./FI/Corp 18% Public 27% 31-Mar-2025 GE Shipping – Q3 & 9MFY23 Results GE Shipping – Q4FY25 Results 11
Slide 12: Performance Review
PERFORMANCE REVIEW Breakup of Revenue Days (Shipping) Q4 Q4 Revenue Days FY25 FY24 Owned Tonnage 3,366 3,744 Inchartered Tonnage* 180 91 Total Revenue Days 3,546 3,835 Total Owned Tonnage (mn.dwt) 3.04 3.36 *Relates to the inchartered ships in GES IFSC Breakup of Revenue Days (Offshore) Q4 Q4 Revenu
Slide 13: Performance Review
PERFORMANCE REVIEW Avg TCYs in Various Categories Q4 Q3 QoQ Q4 YoY Avg (TCYs USD/Day) FY25 FY25 % FY24 % Crude Carriers 31,002 40,082 -23% 53,182 -42% Product Carriers 24,737 23,655 5% 37,637 -34% LPG Carriers 43,390 41,137 5% 35,506 22% Dry Bulk 12,317 16,030 -23% 14,921 -17% Avg TCYs in Various Ca
Slide 14: Changes in Standalone NAV (Y-O-Y)
CHANGES IN STANDALONE NAV (Y-O-Y) Changes in Standalone NAV 1,400 198 1,200 1,127 1,115 (176) (35) 1,000 800 INR/SHARE 600 400 200 - NAV Mar'24 Cash Profit Fleet Value Dividend NAV Mar'25 GE Shipping – Q4FY25 Results 14
Slide 15: Years Movement in Standalone NAV
5 YEARS MOVEMENT IN STANDALONE NAV Standalone NAV Movement 1,200 1,115 CAGR: 20% 1,000 INR/SHARE 800 600 454 400 200 - FY20 FY21 FY22 FY23 FY24 FY25 GE Shipping – Q4FY25 Results 15
Slide 16: Changes in Consolidated NAV (Y-O-Y)
CHANGES IN CONSOLIDATED NAV (Y-O-Y) Changes in Consolidated NAV 1,800 232 1,600 1,396 1,406 1,400 (187) (35) 1,200 INR/SHARE 1,000 800 600 400 200 - NAV Mar'24 Cash Profit Fleet Value Dividend NAV Mar'25 GE Shipping – Q4FY25 Results 16
Slide 17: Revenue Coverage
REVENUE COVERAGE Coverage of Operating Days (Shipping) Category Q1-FY26 Crude Carriers 44% Product Carriers 55% LPG Carriers 94% Dry Bulk 69% Coverage of Operating Days (Off-Shore) Revenue Days Q1-FY26 Jack Up Rigs 62% AHTSV 82% MPSVV 82% PSV/ROVSV 95% GE Shipping – Q4FY25 Results 17
Slide 18: Standalone Debt Repayment Schedule
STANDALONE DEBT REPAYMENT SCHEDULE GESCO (USD Mn) 240 80 223 67 67 66 200 60 160 120 40 80 23 20 40 0 0 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29 Repayments Loan O/S (LHS) GE Shipping – Q4FY25 Results 18
Slide 19: Fleet Profile
FLEET PROFILE Fleet Profile - Shipping DWT Fleet (9-May-25) Fleet FY25 No Avg Age (Yrs) Crude Carriers 6,84,614 5 15.25 Product Carriers 10,47,743 17 15.86 Gas Carriers 1,85,363 4 19.40 Dry Bulk Carriers 11,25,735 12 11.27 Total 30,43,455 38 14.70 Fleet Profile - Offshore Fleet (9-May-25) Fleet No A
Slide 20: Shipping Market
The Great Eastern Shipping Co. Ltd. SHIPPING MARKET
Slide 21: Crude and Product Tankers
CRUDE AND PRODUCT TANKERS Avg. Suezmax Earnings (USD/day) Avg. MR Earnings (USD/day) 1,00,000 50,000 90,000 80,000 40,000 70,000 60,000 30,000 50,000 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 FY22 FY2
Slide 22: Crude and Product Tankers
CRUDE AND PRODUCT TANKERS Crude Tankers • Global crude oil demand grew by 1% in 4Q FY25. Chinese crude imports grew 4% year-on-year amidst domestic stock building. • OFAC sanctions on Russian vessels (Jan-2025) have tightened crude tanker capacity. Sanctions on Iran are also being tightened. In addi
Slide 23: Dry Bulk
DRY BULK Avg. Baltic Capesize 5T/C Earnings (USD/day) Avg. Baltic Supra BSI-58 10T/C Earnings 70,000 (USD/day) 60,000 40,000 50,000 35,000 30,000 40,000 25,000 30,000 20,000 20,000 15,000 10,000 10,000 5,000 0 0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
Slide 24: Dry Bulk
DRY BULK • In 4QFY25, spot earnings declined y/y for all vessel types. Capesize earnings dropped y/y by 47%, while earnings for Kamsarmax and Supramax vessels were down y/y by 38% and 36%, respectively. • During the quarter, global iron ore trade declined by 3% y/y due to weather disruptions in majo
Slide 25: LPG Gas
LPG GAS Avg. VLGC Earnings (USD/day) • VLGC spot earnings were significantly weaker 1,60,000 year-on-year in Q4 FY25. 1,40,000 • VLGC trade rose 8% year-on-year in Q4 FY25, 1,20,000 aided by higher exports from US and Middle East. 1,00,000 • Nominal fleet growth stood at 4% year-on-year in 80,000 Q4
Slide 26: Fleet Supply
Ww 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 28.9 30 21.2 20 11.4 10 10.5 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 Crude tankers Product
Slide 28: Orderbook – Yearwise Breakup
ORDERBOOK – YEARWISE BREAKUP Orderbook % of fleet 16.0% 13.9% 14.0% 12.0% 10.0% 7.8% 7.7% 8.0% 7.0% 5.9% 6.0% 5.1% 5.0% 4.3% 4.6% 3.8% 3.9% 4.0% 3.4% 2.7% 2.6% 2.6% 2.3% 1.3% 1.6% 1.2% 2.0% 1.1% 0.0% Crude Product Product (Ex LR2) Drybulk LPG Cal 2025 (Balance) 2026 Cal 2027 Cal 2028 & 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 May-25 Crude 463 Product 189 Dry Bulk 1036 Scrapping (% Beginning world fleet) CY CY CY CY CY CY CY CY CY CY Vessel Category 2025 YTD 2024 2023 2022 2021 2020 2019 2018 2017 2016
Slide 30: Orderbook and Scrapping Potential
ORDERBOOK AND SCRAPPING POTENTIAL Ageing Fleet as a % of Total Fleet 25.0% Ageing Fleet as a % of Total Fleet Crude 20.0% Product 15.0% LPG Drybulk 10.0% 5.0% 0.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Orderbook as % of Total Fleet Scrapping Potential: For LPG carriers 25+ age is considered
Slide 31: Asset Price Movement
ASSET PRICE MOVEMENT THE GREAT EASTERN SHIPPING CO. LTD.
Slide 32: Asset Price Movement (Indexed Over Last 5 Yrs)
100 120 140 160 180 200 80 75 95 115 135 155 Jan-20 Jan-20 Apr-20 Apr-20 Jul-20 Jul-20 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 Oct-22 Oct-22 Capesize Suezmax Jan-23 Jan-23 Apr-23 Apr-23 Jul-23 Jul-23 Oc
Slide 33: Greatship (India) Limited 100% Subsidiary
GREATSHIP (INDIA) LIMITED 100% SUBSIDIARY
Slide 34: Market Trends: Utilisation
MARKET TRENDS: UTILISATION Jack Up Utilisation % Util 450 85 80 400 75 350 70 300 65 60 250 55 200 50 Under Contract Total Util % GE Shipping – Q4FY25 Results 34 Sources: Industry Reports
Slide 35: Fleet Supply
FLEET SUPPLY Number Jack-up Rigs PSV+AHTSV Current Fleet 502 3,355 Under Contract Fleet 352 2,224 Order Book 12 77 O/B to Current Fleet 2.4% 2.3% Total Scrapping since Jan 2016 (Nos) 147 730 No of Vessels/Rigs more than 20/30 years old (% Fleet) 32% 22% Cold stacked more than 3 years 62 445 Source:
Slide 36: Repricing
REPRICING Repricing 7 6 6 5 4 4 3 3 2 2 2 1 1 1 1 1 1 1 0 0 0 0 0 0 H1FY26 H2FY26 H1FY27 H2FY27 H1FY28 H2FY28 H1FY29 H2FY29 Vessels Rigs GE Shipping – Q4FY25 Results 36
Slide 37: Debt Repayment Schedule
DEBT REPAYMENT SCHEDULE GIL (USD Mn) 100 30 26 26 26 80 20 60 77 40 10 20 0 0 Mar-25 Mar-26 Mar-27 Mar-28 Repayments Loan O/S (LHS) GE Shipping – Q4FY25 Results 37
Slide 38: Financials
The Great Eastern Shipping Co. Ltd. FINANCIALS THE GR SHIPPI
Slide 39: Strong Cashflows: Peak Net Debt USD 361mn to Net Cash of ~USD 536mn
STRONG CASHFLOWS: PEAK NET DEBT USD 361mn TO NET CASH OF ~USD 536mn USD Mn Net Debt Expansion Phase Net Debt Reduction Phase 500 0.60 400 361 0.49 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) (0.38) (536) (600) (0.50) FY2015 FY2016 FY2017 FY2018
Slide 40: Share Price to Consolidated NAV
SHARE PRICE TO CONSOLIDATED NAV INR/Share 2,000 1.00 1,800 0.90 1,600 0.80 1,400 0.62 0.70 1,200 0.60 1,000 0.50 800 0.40 600 0.30 400 0.20 200 0.10 - 0.00 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Consolidated NAV Standalone NAV Share Price/Consol. NAV (RHS) * For Q4FY25 we have taken closi
Slide 41: Great Eastern Foundation Special Projects
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 – Q4FY25 Results 42
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