Great Eastern Shipping Co. Ltd. · NSE:GESHIP
Great Eastern Shipping — The Great Eastern Shipping Company — Q1 FY2026 Earnings Presentation
44 slides from Great Eastern Shipping's earnings presentation, Jul 31, 2025
Slide 1: Exchange filing cover letter
Our Ref.: S/2025/JMT July 31, 2025 BSE Limited National Stock Exchange of India Limited 1st Floor, Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 BSE Scrip code: 500620 Trading Symbol - GESHIP D
Slide 2: Q1 FY26 Earnings Presentation
Q1 FY26 Earnings Presentation 31st July 2025
Slide 3: 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 4: Q1FY26 Highlights
Q1FY26 HIGHLIGHTS • Q1FY26: Net profits of INR 505 Cr on a consolidated basis • Our consolidated NAV is INR 1,431/share as on 30th June 2025 • Declared Interim dividend (14th consecutive quarterly) of INR 7.20/Share for Q1FY2026. GE Shipping – Q1FY26 Results 3
Slide 5: Reported Highlights
REPORTED HIGHLIGHTS Standalone Conslidated Q1 Q1 12m Q1 Q1 12m Fig in INR Crores FY26 FY25 FY25 FY26 FY25 FY25 • GE Shipping Q1FY26 Income Statement consolidated Net Revenue* 916 1,310 4,713 1,337 1,703 6,157 Profit at INR 505 Cr EBITDA* 573 862 3,026 778 1,106 3,572 • Declared Interim Net Profit 38
Slide 6: 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 7: Normalised Financial Highlights
NORMALISED FINANCIAL HIGHLIGHTS Standalone Conslidated Q1 Q1 12m Q1 Q1 12m • GE Shipping Q1FY26 Fig in INR Crores FY26 FY25 FY25 FY26 FY25 FY25 consolidated Net Profit at INR 506 Cr Income Statement • Declared Interim Revenue* 916 1,310 4,713 1,337 1,703 6,157 dividend of INR EBITDA* 558 851 2,952 7
Slide 8: Normalised Financial Highlights
NORMALISED FINANCIAL HIGHLIGHTS Standalone Consolidated Q1 Q1 12m Q1 Q1 12m FY26 FY25 FY25 FY26 FY25 FY25 Key Financial Figure Return on Equity (ROE%)** 13% 26% 20% 14% 26% 18% Return on Capital Employed (ROCE%)** 12% 21% 17% 13% 21% 16% Gross Debt/Equity (x) 0.13 0.25 0.16 0.15 0.26 0.18 Net Debt/E
Slide 9: Normalised Financials – Key Ratios
NORMALISED FINANCIALS – KEY RATIOS Earnings per Share (INR/Share) Cash Profit per Share (INR/Share) Earnings per Share (INR/share) 80 Cash Profit per Share (INR/share) 60 59.57 57.26 70 70.26 71.06 50 51.21 63.89 47.62 48.98 49.13 49.13 45.03 46.34 60 60.71 42.38 37.06 41.65 43.62 45.1 55.65 57.95 5
Slide 10: Consistent Dividend Payouts
CONSISTENT DIVIDEND PAYOUTS 40 36.3 35 30 28.8 29.7 25 20 15 11.5 13.5 10.0 15.0 11.0 10.1 9.0 9.0 9.9 10 8.0 8.0 7.5 7.2 8.1 9.0 7.2 3.1 6.5 6.5 4.0 5.4 4.0 8.0 5 2.4 3.3 2.3 2.3 3.0 2.8 4.0 2.0 0 2.0 1.5 Dividend Per Share (INR/Share) GE Shipping – Q1FY26 Results 9
Slide 11: Profit & Loss Statement – Industry Format
PROFIT & LOSS STATEMENT – INDUSTRY FORMAT Standalone Consolidated Q1 Q1 12m Q1 Q1 12m Figures in INR Crores FY26 FY25 FY25 FY26 FY25 FY25 Operating Revenue 796 1,145 3,794 1,195 1,497 5,286 Less: Direct Operating Expenses/Voyage Expenses 89 142 504 166 162 755 Time Charter Equivalent (A) 707 1,003 3
Slide 12: Shareholding Pattern
SHAREHOLDING PATTERN FII/FPI 25% Promoters 30% Govt./FI/Corp 18% Public 27% 30-Jun-2025 GE Shipping – Q1FY26 Results 11
Slide 13: Performance Review
PERFORMANCE REVIEW Breakup of Revenue Days (Shipping) Q1 Q1 Revenue Days FY26 FY25 Owned Tonnage 3,325 3,782 Inchartered Tonnage* 182 91 Total Revenue Days 3,507 3,873 Total Owned Tonnage (mn.dwt) 3.04 3.41 *Relates to the inchartered ships in GES IFSC Breakup of Revenue Days (Offshore) Q1 Q1 Revenu
Slide 14: Performance Review
PERFORMANCE REVIEW Avg TCYs in Various Categories Q1 Q4 QoQ Q1 YoY Avg (TCYs USD/Day) FY26 FY25 % FY25 % Crude Carriers 33,865 31,002 9% 46,352 -27% Product Carriers 24,774 24,737 0% 37,153 -33% LPG Carriers 43,868 43,390 1% 36,742 19% Dry Bulk 14,883 12,317 21% 17,976 -17% GE Shipping – Q1FY26 Resu
Slide 15: Years Movement in Standalone NAV
5 YEARS MOVEMENT IN STANDALONE NAV Standalone NAV 1,200 1,120 CAGR: 19% 1,000 INR/SHARE 800 600 454 400 200 - FY20 FY21 FY22 FY23 FY24 FY25 Q1 FY26 GE Shipping – Q1FY26 Results 14
Slide 16: Changes in Standalone NAV (Y-O-Y)
CHANGES IN STANDALONE NAV (Y-O-Y) Changes in Standalone NAV 1,600 1,400 198 1,200 1,181 1,120 (231) (28) INR/SHARE 1,000 800 600 400 200 - NAV Jun'24 Cash Profit Fleet Value Dividend NAV Jun'25 GE Shipping – Q1FY26 Results 15
Slide 17: Changes in Consolidated NAV (Y-O-Y)
CHANGES IN CONSOLIDATED NAV (Y-O-Y) Changes in Consolidated NAV 1,800 232 1,600 1,464 1,431 1,400 (238) (28) 1,200 INR/SHARE 1,000 800 600 400 200 - NAV Jun'24 Cash Profit Fleet Value Dividend NAV Jun'25 GE Shipping – Q1FY26 Results 16
Slide 18: Revenue Coverage
REVENUE COVERAGE Coverage of Operating Days (Shipping) Category Q2-FY26 Crude Carriers 46% Product Carriers 50% LPG Carriers 100% Dry Bulk 61% Coverage of Operating Days (Off-Shore) Revenue Days Q2-FY26 Jack Up Rigs 75% AHTSV 94% MPSVV 40% PSV/ROVSV 98% GE Shipping – Q1FY26 Results 17
Slide 19: Standalone Debt Repayment Schedule
STANDALONE DEBT REPAYMENT SCHEDULE GESCO - Standalone (USD mn) 80 186 200 67 66 157 60 150 40 29 90 100 23 66 20 50 0 0 0 Jun-25 Mar-26 Mar-27 Mar-28 Mar-29 Repayments Loan O/s (RHS) GE Shipping – Q1FY26 Results 18
Slide 20: Fleet Profile
FLEET PROFILE Fleet Profile - Shipping DWT Fleet (31-Jul-25) Fleet FY25 No Avg Age (Yrs) Crude Carriers 6,84,614 5 15.58 Product Carriers 10,47,743 17 16.19 Gas Carriers 1,85,363 4 19.74 Dry Bulk Carriers 11,25,735 12 11.60 Total 30,43,455 38 15.03 *GESCO has contracted to buy a 10yr Kamsarmax Dry B
Slide 21: Shipping Market
The Great Eastern Shipping Co. Ltd. SHIPPING MARKET
Slide 22: 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 23: Crude and Product Tankers
CRUDE AND PRODUCT TANKERS Crude Tankers • Global dirty trade is flat y/y in 1QFY26. The decline in North American exports were offset by jump in South American exports. • While MEG exports have been flat y/y, OPEC+ unwinding of supply cuts is likely to be positive for Crude tankers going ahead. • Ch
Slide 24: 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 25: Dry Bulk
DRY BULK • Spot earnings declined by 18-30% y/y across asset classes in 1QFY26, although they improved from the previous quarter. • During the quarter, global iron ore trade picked up slightly as weather disruptions eased leading to improved supply from major exporters Australia and Brazil. • Coal t
Slide 26: LPG Gas
LPG GAS Avg. VLGC Earnings (USD/day) • VLGC spot earnings were down 14% y/y in 1QFY26. 1,60,000 • VLGC trade grew by 7% y/y in 1QFY26, aided by 1,40,000 higher exports from US while MEG exports were 1,20,000 softer y/y. 1,00,000 • Nominal fleet growth stood at 3% y/y in 1QFY26. 80,000 • US-China tra
Slide 27: Fleet Supply
Ww The Great Eastern _ Shipping Co. Ltd. FLEET SUPPLY
Slide 28: Low Order Book to Fleet Ratio
LOW ORDER BOOK TO FLEET RATIO Historic Order Book as a % of fleet (Calendar Year) 90.0 80.0 70.0 60.0 50.0 Current Orderbook 40.0 30.0 30.6 20.2 20.0 12.4 10.0 10.8 0.0 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 C
Slide 29: Orderbook – Yearwise Breakup
ORDERBOOK – YEARWISE BREAKUP Orderbook % of fleet 16.0% 14.3% 14.0% 12.0% 10.0% 7.8% 7.9% 8.0% 7.2% 6.1% 5.9% 6.0% 5.3% 5.6% 3.6% 3.6% 4.0% 4.0% 3.1% 3.1% 2.6% 2.2% 2.0% 2.1% 1.5% 1.7% 2.0% 1.1% 0.0% Crude Product Product (Ex LR2) Drybulk LPG Cal 2025 (Balance) 2026 Cal 2027 Cal 2028 & Beyond Source
Slide 30: Scrapping
SCRAPPING Scrapping continues to be very low, and the pool of old ships continues to grow Fleet (Mn Dwt) Vessel Category Jul-25 Crude 464 Product 193 Dry Bulk 1051 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 31: Orderbook and Scrapping Potential
ORDERBOOK AND SCRAPPING POTENTIAL Aging Fleet as a % of Total Fleet 25.0% Aging 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 wh
Slide 32: Asset Price Movement
ASSET PRICE MOVEMENT THE GREAT EASTERN SHIPPING CO. LTD.
Slide 33: Asset Price Movement
100 120 140 160 180 200 80 75 95 115 135 155 Jan-20 Jan-20 May-20 Apr-20 Jul-20 Sep-20 Oct-20 Jan-21 Jan-21 Sources: Industry Reports May-21 Apr-21 Jul-21 Sep-21 Oct-21 Jan-22 Jan-22 May-22 Apr-22 Jul-22 Sep-22 Oct-22 Capesize Jan-23 Jan-23 Suezmax May-23 Apr-23 Jul-23 Sep-23 Oct-23 Jan-24 Jan-24 (I
Slide 34: Greatship (India) Limited 100% Subsidiary
GREATSHIP (INDIA) LIMITED 100% SUBSIDIARY
Slide 35: 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 – Q1FY26 Results 34 Sources: Industry Reports
Slide 36: Fleet Supply
FLEET SUPPLY Current Fleet 500 3350 Cold stacked more than 3 years 64 445 No of Vessels/Rigs more than 20/30 years old (% Fleet) 31% 22% Under Contract Fleet 357 2255 Order Book 13 78 O/B to Current Fleet 2.6% 2.3% Source: Industry Reports GE Shipping – Q1FY26 Results 35
Slide 37: 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 – Q1FY26 Results 36
Slide 38: GIL – Debt Repayment Schedule
GIL – DEBT REPAYMENT SCHEDULE GIL (USD mn) 30 80 26 26 71 19 60 20 52 40 10 26 20 0 0 0 Jun-25 Mar-26 Mar-27 Mar-28 Repayments Loan O/s (RHS) GE Shipping – Q1FY26 Results 37
Slide 39: Financials
The Great Eastern Shipping Co. Ltd. FINANCIALS THE GR SHIPPI
Slide 40: Strong Cashflows: Peak Net Debt USD 361mn to Net Cash of ~USD 593mn
STRONG CASHFLOWS: PEAK NET DEBT USD 361mn TO NET CASH OF ~USD 593mn USD Mn Net Debt Expansion Phase Net Debt Reduction Phase 600 0.60 361 0.49 0.50 400 0.40 200 0.30 0.20 - 0.10 - (200) (0.10) (400) (0.20) (0.30) (600) (593) (0.40) (800) (0.41) (0.50) FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021
Slide 41: Share Price to Consolidated NAV
SHARE PRICE TO CONSOLIDATED NAV INR/Share 2,000 1.00 1,800 0.90 1,600 0.80 0.66 1,400 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 Q1-FY26 Consolidated NAV Standalone NAV Share Price/Consol. NAV (RHS) * For Q1FY26 we have tak
Slide 42: Great Eastern Foundation
GREAT EASTERN FOUNDATION • Since 2015, GEF has partnered with 57 NGOs under the three key CSR focus areas. • Education: More than 2.65 Lakh students reached out through primary and secondary education. • Health: Around 89,000 women, 13,000 girls and 49,000 children provided with health services – in
Slide 43: Great Eastern Foundation
GREAT EASTERN FOUNDATION EDUCATION HEALTH LIVELIHOODS 1. Adhyayan Quality Education Foundation 1. Animedh Charitable Trust 1. Access Livelihoods Foundation 2. Akanksha Foundation 2. Anushkaa Foundation for 2. Ayang Trust Eliminating Clubfoot (AFEC) 3. Alumni Association of College of 3. CanSupport 3
Slide 44: Thank You
THANK YOU Visit us at www.greatship.com Read the Story of GE Shipping – Coffee Table Book GE Shipping – Q1FY26 Results 43
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