Great Eastern Shipping Co. Ltd. — Interim / Quarterly Report 2021

Jan 29, 2021

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Our Ref.: S/2021/JMT

January 29, 2021

BSE Limited National Stock Exchange of India Limited 1[st] Floor, Phiroze Jeejeebhoy Towers, Exchange Plaza, 5[th] Floor, Plot No. C/1, Dalal Street, Bandra Kurla Complex, Bandra (East), MUMBAI – 400 001 Mumbai – 400 051

Dear Sir,

Further to our letter dated January 29, 2021 we enclose herewith Investor Presentation pertaining to the Financial Results for the quarter ended December 31, 2020.

You are requested to take note of the above.

Thanking You, Yours faithfully, For The Great Eastern Shipping Co. Ltd.

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Jayesh M. Trivedi President (Secl. & Legal) & Company Secretary Email Id : jayesh_trivedi@greatship.com

www.greatship.com

The Great Eastern Shipping Co. Ltd.

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The Great Eastern Shipping Co. Ltd.

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QUARTERLY RESULTS UPDATES – Q3FY21

29 January 2021

The Great Eastern Shipping Co. Ltd.

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, prospects and future results which in turn involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward looking statements; including changes in freight rates; global economic and business conditions; effects of competition and technological developments; changes in laws and regulations; difficulties in achieving cost savings; currency, fuel price and interest rate fluctuations etc. The Company assumes no responsibility with regard to publicly amending, modifying or revising the statements based on any subsequent developments, information or events that may occur.

The Great Eastern Shipping Co. Ltd.

FINANCIAL RESULTS

Q3 FY 2020-21

4

The Great Eastern Shipping Co. Ltd.

REPORTED FINANCIAL HIGHLIGHTS

GE Shipping Q3FY21 consolidated Net Profit at Rs. 176 Crores

Q3FY21	Q3FY20	9MFY21	(Amount in Rs. Crs)	Q3FY21	Q3FY20	9MFY21
			Income Statement
696	935	2,277	Revenue (including other income)	859	1,150	2,789
367	536	1,378	EBITDA (including other income)	421	638	1,605
204	339	886	Net Profit	176	331	870
			Balance Sheet
10,739	9,758	10,739	Total Assets	14,309	13,529	14,309
5,921	5,145	5,921	Equity	7,614	6,900	7,614
3,751	3,557	3,751	Total Debt (Gross)	5,211	5,191	5,211
603	1,576	603	Long Term Debt (Net of Cash)	994	2,031	994
			Cash Flow
152	368	1,138	From operating activities	223	495	1,267
(204)	40	(278)	From investing activities	(206)	95	(274)
228	(316)	34	From financing activities	172	(434)	(182)
177	92	894	Net cash inflow/(outflow)	189	156	811

5

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The Great Eastern Shipping Co. Ltd.
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NORMALIZED FINANCIAL HIGHLIGHTS

GE Shipping Q3FY21 consolidated Normalized Net Profit at Rs. 115 Crores

Q3FY21	Q3FY20	9MFY21	(Amount in Rs. Crs)	Q3FY21	Q3FY20	9MFY21
			Income Statement
696	935	2,277	Revenue (including other income)	859	1,150	2,789
317	531	1,217	EBITDA (including other income)	359	623	1,408
154	339	725	Net Profit	115	333	672
			Balance Sheet
10,739	9,758	10,739	Total Assets	14,309	13,529	14,309
5,921	5,145	5,921	Equity	7,614	6,900	7,614
4,257	3,996	4,257	Total Debt (Gross)	5,717	5,630	5,717
1,109	2,015	1,109	Long Term Debt (Net of Cash)	1,500	2,470	1,500

6

The Great Eastern Shipping Co. Ltd.

NORMALIZED FINANCIAL NOTES

1) The impact of the exchange rate on foreign currency loans and current assets and liabilities, including cash and bank balances, has been removed

2) NCD & Currency Swap:

• 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.

7

The Great Eastern Shipping Co. Ltd.

NORMALIZED FINANCIAL HIGHLIGHTS

Q3FY21	Q3FY20	9MFY21		Q3FY21	Q3FY20	9MFY21
			Key financial figures
10.62%	27.20%	17.59%	*Return on Equity (ROE) (%)	6.11%	19.77%	12.43%
10.33%	18.13%	11.63%	*Return on Capital Employed (ROCE) (%)	8.68%	5.20%	8.68%
0.72	0.78	0.72	Gross Debt/Equity (x)	0.75	0.75	0.75
0.19	0.39	0.19	Net Debt/Equity(x)	0.20	0.20	0.20
10.49	23.03	49.31	Earnings per share, EPS (INR/Share)	7.82	22.61	45.71
18.08	31.27	72.17	Cash Profitper share (INR/Share)	19.88	35.39	81.94
450	451	450	Net Asset Value per share (INR/Share)	477-527	512-538	477-527

*Annualized Figures

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The Great Eastern Shipping Co. Ltd.

PERFORMANCE REVIEW

Break up of Revenue days (Shipping)

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||||
|---|---|---|
|Revenue Days|Q3 FY21|Q3 FY20|
|Owned Tonnage|4,081|4,227|
|Inchartered Tonnage|44|-|
|Total Revenue Days|4,125|4,227|
|Total Owned Tonnage (mn.dwt)|3.51|3.70|

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Break up of Revenue days (Offshore)

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|||||||
|---|---|---|---|---|---|
|Revenue Days|Q3 FY21|Q3 FY20|
|Offshore Logistics|1,440|1,495|
|Drilling Services|367|366|
|Total|1,807|1,861|
|Average|TCYs|earned over last few quarters in various (Shipping) categories|
|Average (TCY $ per day)|Q3 FY21|Q2 FY21|Q-o-Q Change|Q3 FY20|Y-o-Y Change|
|Crude Carriers|16,634|25,233|-34%|38,853|-57%|
|Product Carriers|10,441|10,874|-4%|18,555|-44%|
|LPG Carriers|26,965|29,238|-8%|22,847|18%|
|Dry Bulk|11,588|11,248|-3%|12,908|-10%|

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The Great Eastern Shipping Co. Ltd.

REVENUE VISIBILITY & COVERAGE

Category-wise coverage of operating days (Shipping) --- FY21

Category Extent of coverage of fleet’s operating days Crude Carriers 52% Product Carriers 40% LPG Carriers 100% Dry Bulk 48%		Revenue Visibility Rs 259 Cr
Category-wise coverage of operating days (Offshore) --- FY21
Category Extent of coverage of fleet’s operating days Jackup Rigs 80% AHTSV 88% MPSVV 62% PSV/ROVSV 96%		Revenue Visibility Rs 145 Cr
			10

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The Great Eastern Shipping Co. Ltd.
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GESCO STANDALONE DEBT REPAYMENT SCHEDULE (NEXT 5 YEARS)

GESCO Standalone (USD Mn)

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90 83 83 700
78
584 76
80
600
70 65
500
60
50 400
40 32 300
30
200
20
100
10
0 0
Dec'20 Mar'21 Mar'22 Mar'23 Mar'24 Mar'25 Mar'26
Repayments Loan O/s (RHS)
GESCO: We have effective all-in USD cost of debt of less than 4%. 85% of debt portfolio is fixed.
USD Million
USD Million
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The Great Eastern Shipping Co. Ltd.

FLEET PROFILE

SHIPPING

		Fleet DWT Number of Ships Average Age (Yrs.)
		Crude Carriers 1,164,215 9 13.38 Product Carriers 1,092,465 18 12.84 Gas Carriers 224,260 5 17.89 Dry Bulk Carriers 1,026,462 13 8.28
		Total 3,507,402 45 12.01

OFFSHORE

	Fleet Number of Units Average Age (Yrs.) Jack Up Rigs 4 9.10 Platform Supply Vessels 4 11.25 Anchor handling Tug Cum Supply Vessels 8 11.10 Multipurpose Platform Supply & Support Vessels 2 10.58 ROV Support Vessels 5 9.27

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The Great Eastern Shipping Co. Ltd.

FLEET DEVELOPMENT

Crude Tankers:

• We have sold our two oldest Suezmax Vessels both Built in 2000

Product Tankers:

• We have bought an LR2 Vessel Built 2012

DryBulk:

• We have contracted to sell a Supramax Bulk Carrier Built 2006

• We have contracted to buy a Capesize Vessel Built 2014

LPG:

• We have sold our oldest VLGC Built 1996

• We have bought a VLGC Built 2002

13

The Great Eastern Shipping Co. Ltd.

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TANKER MARKET

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The Great Eastern Shipping Co. Ltd.
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The Great Eastern Shipping Co. Ltd.

Freight Rates are currently around operating costs

	Suezmax Freight Rates ($ per day)		Q1FY		Q2FY		Q3FY		YTD
	FY 2020		15,687		16,700		74,653		35,680
	FY 2021		47,808		12,074		6,587		22,156
	Y/Y		205%		-28%		-91%		-38%
	MR Freight Rates ($ per day)		Q1FY		Q2FY		Q3FY		YTD
	FY 2020		11,389		9,954		20,030		13,791
	FY 2021		26,348		9,038		6,451		13,946
	Y/Y		131%		-9%		-68%		1%

16 Sources: Industry Reports

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The Great Eastern Shipping Co. Ltd.
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Refinery Runs well below Pre – COVID Levels Despite revival of growth in Global GDP

Change in Refinery Runs y/y (mbpd)

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2.0
0.8
0.3 0.1
0.0
-0.3
-2.0 -0.8 -0.7 -0.9
-1.3 -1.4
-4.0
-6.0
-8.0 -6.9
-7.5 -7.5 -7.6
-10.0
-9.7
-10.5
-12.0 -11.0
-11.5
-11.8
-14.0
Apr May Jun Jul Aug Sep Oct Nov Dec
2019 2020
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Mbpd: Million barrels per day Sources: Industry Reports

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The Great Eastern Shipping Co. Ltd.

Demand for Oil is unlikely to reach Pre-COVID Levels Until 2022

Oil demand growth (mbpd)	Cal 2020	Cal 2021
EA	-8.0	5.0
IEA	-8.9	5.5
OPEC	-9.8	5.9
EIA	-9.0	5.6

The Great Eastern Shipping Co. Ltd.

Release of Floating Storage in the Quarter Has added to the Fleet Supply

Crude Tankers 10k+ dwt (storage as % of fleet)

Products Tankers 10k+ dwt (storage as % of fleet)

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12% 10%
Peaked on Peaked on
9%
8-May-20 8-May-20
10%
10.5% 8% 9.0%
7%
8%
6%
6% 5%
4%
4%
3%
2%
2%
1%
0% 0%
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21
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Note: Excludes dedicated storage

Source – Industry Reports

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The Great Eastern Shipping Co. Ltd.

Until Floating Storage Clears and Demand Revives Crude Trade is likely to remain depressed

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Change in crude trade y/y (%)
0%
-2%
-4%
-6% -5%
-8%
-9%
-10% -9%
-12%
-12%
-14%
Q1 FY21 Q2 FY21 Q3 FY21 YTD FY21
20
Sources: Industry Reports
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The Great Eastern Shipping Co. Ltd.

A similar story for the Product Trade

Change in products trade y/y (%)

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0%
-2%
-4%
-6%
-8%
-10% -9%
-12%
-12%
-12%
-14%
-16%
-15%
-18%
Q1 FY21 Q2 FY21 Q3 FY21 YTD FY21
21
Sources: Industry Reports
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DRY BULK MARKET

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The Great Eastern Shipping Co. Ltd.
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The Great Eastern Shipping Co. Ltd.

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-
Major Exporters Iron ore/Coal/Grains (MMT,%)
EuropeUK/Med 4%
DRY BULK
Others 5%
MARKETS Canada+US, 9% Colombia 2%
Argentina/S
.America, … Australia 38%
Commodity wise Break up of Brazil 14%
Global DB demand (%)
Indonesia 14%
Minor
Bulks Coal 28% S.Africa/Other
Africa 5%
39%
Russia 6%
-
Major Importers of Iron Ore/Coal/Grains (%)
Iron Ore
Grains 24% Others 10%
SEA 8%
9%
China 44%
JKT 20%
Europe
10% India 8%
Sources: Industry Reports
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The Great Eastern Shipping Co. Ltd.

Earnings have softened across Asset Classes

	Capesize Freight Rates ($ per day)		Q1FY		Q2FY		Q3FY		YTD
	FY 2020		11,372		29,365		22,184		20,974
	FY 2021		9,932		20,761		16,944		15,879
	Y/Y		-13%		-29%		-24%		-24%
	Panamax Freight Rates ($ per day)		Q1FY		Q2FY		Q3FY		YTD
	FY 2020		9,521		16,014		11,717		12,417
	FY 2021		6,054		11,772		10,709		9,512
	Y/Y		-36%		-26%		-9%		-23%

Source – Industry Reports

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The Great Eastern Shipping Co. Ltd.
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Trade Growth has begun to show positive signs

0.6%	0.6%
-1.7% -1.8%
-4.3%

Source – Industry Reports

25

The Great Eastern Shipping Co. Ltd.

CHINA COAL IMPORTS SURGE IN DECEMBER

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Monthly YoY Change in China Coal imports -mt 36
16
6
4
1
-2
-5
-7
-9
-12 -12 -12
Chinese coal imports have been decreasing through the year due to strict custom controls. However, severe winter in
China has been driving electricity demand lately & govt has now granted approval to power plants to import coal without
clearance. Domestic Chinese prices have also been increasing due to high demand and lower domestic production
response. At this moment international coal is at deep discount to domestic Chinese coal.
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
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Source – Industry Reports

The Great Eastern Shipping Co. Ltd.

GLOBAL DRYBULK COMMODITY SEABORNE TRADE DATA

Global Commodity Trade Data - mt	Absolute Inc/Dec YoY (CY20-CY19)	% Inc/Dec YoY
Iron Ore	59	3.8%
Coal	-118	-9.1%
Grains	32	7.5%
Minor Bulk	-48	-3.2%
Total Growth	-77	-1.6%

- - China Iron Ore trade growth has been 9.30% for CY2020 Y o Y - - China Coal imports growth has been tail ended with overall 1.4% for CY2020 Y o Y

Sources: Industry Reports

27

The Great Eastern Shipping Co. Ltd.

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CHINA & WORLD
STEEL PRODUCTION
World Steel China Steel % Growth World % Growth China
2000 8%
1800 7%
1600 6%
China Steel Production
1400 increased by 6% in 5%
CY2020 Y-O-Y. Whereas,
1200 World Steel Production 4%
growth was negative
1000 1%. 3%
800 2%
600 1%
400 0%
200 -1%
0 -2%
2016 2017 2018 2019 2020
28
Source – Industry Reports
Steel Production (in Million tonnes)
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LPG (GAS) MARKET

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The Great Eastern Shipping Co. Ltd.
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The Great Eastern Shipping Co. Ltd.

Despite a lower YTD freight rate, earnings remain strong

VLGC Freight Rates ($ per day)	Q1FY	Q2FY	Q3FY	YTD
FY 2020	50,691	53,795	66,010	56,832
FY 2021	33,007	40,722	68,362	47,364
Y/Y	-35%	-24%	4%	-17%

30

Source – Industry Reports

The Great Eastern Shipping Co. Ltd.

Trade Growth has been strong during the quarter

Change in VLGC trade y/y (%)	Change in VLGC trade y/y (%)	Change in VLGC trade y/y (%)
6.7%
2.3%
0.6%
-6.8%
	-6.8%

The Great Eastern Shipping Co. Ltd.

LPG PANAMA CANAL TRANSITS

Change in policy by Panama Authority to reserve slots for liners and LNG vessels had a significant impact on frequently trading LPG vessels through Panama. This contributed to supply tightness and hence freight rates soaring past $100,000 per day

Source – Industry Reports

32

The Great Eastern Shipping Co. Ltd.

- ASSET PRICE MOVEMENT SHIPPING

33

The Great Eastern Shipping Co. Ltd. ASSET PRICE MOVEMENT (INDEXED) Over the Last 5 Years

5 Yr Old Asset Value Movement (Crude)

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5 Yr Old Asset Value Movement (Products)
100 115
95 110
90
105
85
100
80
95
75
90
70
85
65
60 80
55 75
Suezmax MR
5 Yr Old Asset Value Movement (Dry Bulk) 5 Yr Old Asset Value Movement (LPG)
170 105
160 100
150 95
140 90
130 85
120
80
110
75
100
70
90
VLGC
Capesize 34
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21
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Sources: Industry Reports

The Great Eastern Shipping Co. Ltd. One of the Lowest Order Book to Fleet Ratios For Tankers and Bulkers

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Lowest Since
Orderbook as % of Fleet
December 2013
10%
9.30%
9% Lowest Since January
1996
8% Lowest Since January
6.80% 1996
7%
5.80%
6%
5%
4%
3%
2%
1%
0%
Crude Tankers Product Tankers Dry Bulk
Note : Data does not extend beyond Jan 1996 for both Product and Dry 35
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The Great Eastern Shipping Co. Ltd.

A weak freight market may incentivize scrapping

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Scrapping Potential (Age>20 years) as % of Total Fleet
10%
9.00%
9%
7.90%
8%
7.20%
7%
6%
5%
4%
3%
2%
1%
0%
Crude Tankers Product Tankers Dry Bulk
36
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The Great Eastern Shipping Co. Ltd.

SCRAPPING

Vessel Category	Fleet (mn Dwt)	Scrapping (% of beginning world fleet)	Scrapping (% of beginning world fleet)	Scrapping (% of beginning world fleet)	Scrapping (% of beginning world fleet)	Scrapping (% of beginning world fleet)	Scrapping (% of beginning world fleet)	Scrapping (% of beginning world fleet)
	31 Dec 20	2020	2019	2018	2017	2016	2015	2014
Crude	428.58	0.38%	0.61%	4.62%	2.35%	0.35%	0.23%	1.60%
Product	164.23	0.51%	0.43%	1.64%	1.42%	0.62%	0.61%	1.19%
Dry Bulk	911.65	1.63%	0.92%	0.54%	1.77%	3.67%	4.03%	2.25%

Scrapping has been low for a while especially in Products and Crude sector

37

Source – Industry Reports

The Great Eastern Shipping Co. Ltd.

Greatship (India) Limited (a 100% subsidiary)

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The Great Eastern Shipping Co. Ltd.

OFFSHORE BUSINESS FLEET PROFILE

Fleet Utilization

Current Owned Fleet Type	Fleet Count	Extent of coverage of fleet's operating days (3M FY21)
Jack Up Rigs (350ft)	4	80%
Anchor Handling Tug cum Supply Vessels (AHTSV)	8	88%
Multipurpose Platform Supply and Support Vessels (MPSSV)	2	62%
Platform Supply Vessels (PSV) / ROV Support Vessels (ROVSV)	9	96%

The Great Eastern Shipping Co. Ltd.

OFFSHORE E&P SPENDING

The source has revised Offshore E&P spending higher across the years.

Source – Industry Reports

40

The Great Eastern Shipping Co. Ltd.

KEY POINTS ON OFFSHORE MARKETS Q4CY2020

  - The oil price has bounced back up sharply from the lows of early 2020 on back of OPEC cuts and relaxation of lockdown restrictions.

• Day Rates • Early terminations & contract renegotiations seen in early 2020 have now reduced. Also, charter rates have now stabilized albeit at lower levels.

  • Rigs: Competitive fleet has reduced by about 4% over last 1 year and by about 7.6% over the last 4 years due to scrapping and cold stacking.

• Fleet Growth • OSV’s: Competitive fleet has reduced by about 7% over last 1 year and by about 5-6% over the last 4 years.

  • Very few new orders for vessels as well as rigs in last 4-5 years.

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Global Fleet
Utilization
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• Rigs: 60-70% (Term) (Utilization remained almost flattish during the last quarter and declined

• Source – Industry Reportsby about 7.6% since Dec19) 36

• Vessels: 40-50% (Term) (Utilization remained almost flattish during the last quarter and declined by about 6.3% from Dec19 levels)

Source – Industry Reports

41

The Great Eastern Shipping Co. Ltd.

GLOBAL FLEET SUPPLY OFFSHORE

Fleet Profile

Number	Jackup Rigs	PSVs + AHTSVs
Current Fleet	520	3571
Orderbook	39	166
O/B to current fleet	7.5%	4.6%
Total Scrapping since January 2016 (nos.)	102	360
No. of Vessels/Rigs more than 20/30 years old (as %age of fleet)	38%	19%
Cold Stacked more than 3 years	67	652

42

Source – Industry Reports

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The Great Eastern Shipping Co. Ltd.
Vessels / Rigs coming up for repricing
OFFSHORE
Vessels Rigs
Q4 FY21 H1 FY22 H2 FY22 H1 FY23 H2 FY23 H1 FY24 H2 FY24 H1 FY25
43
Source – Industry Reports
5
4
3 3
2
1 1 1 1 1 1
NO. OF VESSELS / RIGS
0 0 0 0 0
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The Great Eastern Shipping Co. Ltd.

GREATSHIP DEBT REPAYMENT SCHEDULE (NEXT 5 YEARS)

GIL (USD Mn)

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120 250
202 97
100
200
80
150
60
43
100
40 32
23
50
20
6
- -
Dec-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Repayments Loan O/s (RHS)
USD Million
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44

The Great Eastern Shipping Co. Ltd.

KEY VALUATION METRICS

45

The Great Eastern Shipping Co. Ltd.

NET DEBT EXPANSION & REDUCTION PHASE

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Net Debt Expansion Net Debt Reduction
400 0.60
Phase Phase
350
0.50
300
0.40
250
200 0.30
150
0.20
100
0.10
50
- -
FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 9MFY2021
Net Debt Net Debt to Equity
46
USD Million
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The Great Eastern Shipping Co. Ltd.

SHARE PRICE TO CONSOLIDATED NET ASSET VALUE

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Share Price to Consolidated NAV
600 1
0.9
500
0.8
0.7
400
0.6
300 0.5
0.4
200
0.3
0.2
100
0.1
0 0
FY16 FY17 FY18 FY19 FY20 9MFY21
Consolidated NAV Standalone Share Price/Consol. NAV (RHS)
47
INR/Share
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The Great Eastern Shipping Co. Ltd.

SUMMARY – SHIPPING & OFFSHORE

Market Positives (Shipping):

• Historically Low Orderbook (Except Gas)

• High Scrapping Potential (Except Gas)

Market Negatives (Shipping):

• Short Term Supply Overhang

• Weak Fundamental Trade Demand

Market Negatives (Offshore):

• E&P Spends Significantly Reduced

Company Positives:

• Deleveraged Balance Sheet

• Proven ability to manage shipping cycles

• Capital Available for future buying opportunities

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The Great Eastern Shipping Co. Ltd.

THANK YOU

visit us at www.greatship.com

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