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Great Eastern Shipping Co. Ltd. — Investor Presentation 2025
Dec 11, 2025
59079_rns_2025-12-11_a20cfa7a-2266-4b1e-b620-e61bbfe90998.pdf
Investor Presentation
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Our Ref.: S/2025/SEC
December 11, 2025
BSE Limited 1[st] Floor, Phiroze Jeejeebhoy Towers, Dalal Street, MUMBAI – 400 001
National Stock Exchange of India Limited Exchange Plaza, 5[th] Floor, Plot No. C/1, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051
BSE Scrip code: 500620 Trading Symbol - GESHIP
Dear Sir,
We refer to our letter dated November 08, 2025, enclosing the Investor Presentation pertaining to the Unaudited Financial Results for the quarter and half year ended September 30, 2025.
Please note that the Investor Presentation had an inadvertent error. We enclose herewith copy of revised Investor Presentation.
You are requested to take the same on record.
Thanking You, Yours faithfully, For The Great Eastern Shipping Company Limited
Anand Digitally signed by Anand Prabhak Prabhakar Punde Date: 2025.12.11 ar Punde 11:06:20 +05'30'
Anand Punde Company Secretary Email ID: [email protected]
www.greatship.com
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Q2 FY26
Earnings Presentation 10[th] November 2025
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, prospects and future results which in turn involve certain risks and uncertainties. Certain factors cause actual results to may 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.
GE Shipping – Q2FY26 Results
2
Q2FY26 HIGHLIGHTS
-
Q2FY26: Net profits of INR 581 Cr on a consolidated basis
-
Our consolidated NAV is INR 1,484/share as on 30[th] September 2025
-
Declared Interim dividend (15[th] consecutive quarterly) of INR 7.20/Share for Q2FY2026.
GE Shipping – Q2FY26 Results
3
REPORTED HIGHLIGHTS
| Standalone | Standalone | Consolidated | Consolidated | ||||
|---|---|---|---|---|---|---|---|
| Q2 | Q2 | H1 | Q2 | Q2 | H1 | ||
| Fig in INR Crores | FY26 | FY25 | FY26 | FY26 | FY25 | FY26 | |
| Income Statement | |||||||
| Revenue* | 950 | 1,253 | 1,866 | 1,382 | 1,580 | 2,719 | |
| EBITDA* | 660 | 770 | 1,233 | 868 | 871 | 1,646 | |
| Net Profit | 460 | 565 | 848 | 581 | 576 | 1,086 | |
| Balance Sheet | |||||||
| Total Assets | 14,815 | 14,347 | 14,815 | 17,743 | 17,666 | 17,743 | |
| Equity | 12,660 | 11,287 | 12,660 | 15,225 | 13,498 | 15,225 | |
| Gross Debt | 1,249 | 2,049 | 1,249 | 1,249 | 2,774 | 1,249 | |
| Net Debt | (5,290) | (3,787) | (5,290) | (6,905) | (4,352) | (6,905) | |
| Cash Flows | |||||||
| - From Operating Activities | 470 | 585 | 918 | 658 | 721 | 1,303 | |
| - From Investing Activities | (638) | (75) | (487) | (198) | (43) | (92) | |
| - From Financing Activities | (104) | (352) | (531) | (742) | (410) | (1,236) | |
| Net Cash Inflow/Outflow | (272) | 158 | (100) | (282) | 268 | (25) |
* Including Other Income
GE Shipping – Q2FY26 Results
4
NORMALISED FINANCIALS
- 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:
-
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.
GE Shipping – Q2FY26 Results
5
NORMALISED FINANCIAL HIGHLIGHTS
| Standalone | Standalone | Consolidated | Consolidated | ||||
|---|---|---|---|---|---|---|---|
| Q2 | Q2 | H1 | Q2 | Q2 | H1 | ||
| Fig in INR Crores | FY26 | FY25 | FY26 | FY26 | FY25 | FY26 | |
| Income Statement | |||||||
| Revenue* | 950 | 1,253 | 1,866 | 1,382 | 1,580 | 2,719 | |
| EBITDA* | 587 | 782 | 1,145 | 797 | 904 | 1,560 | |
| NetProfit | 398 | 596 | 786 | 525 | 623 | 1,031 | |
| Balance Sheet | |||||||
| Total Assets | 14,815 | 14,347 | 14,815 | 17,743 | 17,666 | 17,743 | |
| Equity | 12,660 | 11,287 | 12,660 | 15,225 | 13,498 | 15,225 | |
| Gross Debt | 1,652 | 2,477 | 1,652 | 1,652 | 3,203 | 1,652 | |
| Net Debt | (4,888) | (3,359) | (4,888) | (6,502) | (3,924) | (6,502) |
* Including Other Income
GE Shipping – Q2FY26 Results
6
NORMALISED FINANCIAL HIGHLIGHTS
| Standalone | Standalone | Standalone | Consolidated | ||||
|---|---|---|---|---|---|---|---|
| Q2 | Q2 | H1 | Q2 | Q2 | H1 | ||
| FY26 | FY25 | FY26 | FY26 | FY25 | FY26 | ||
| Key Financial Figure | |||||||
| Return on Equity (ROE%)** | 13% | 22% | 13% | 14% | 19% | 14% | |
| Return on Capital Employed (ROCE%)** | 12% | 18% | 12% | 13% | 16% | 13% | |
| Gross Debt/Equity (x) | 0.13 | 0.22 | 0.13 | 0.11 | 0.24 | 0.11 | |
| Net Debt/Equity (x) | (0.39) | (0.30) | (0.39) | (0.43) | (0.29) | (0.43) | |
| Earnings Per Share (EPS - INR/Share) | 27.84 | 41.73 | 55.02 | 36.79 | 43.62 | 72.21 | |
| Cash Profit Per Share (INR/Share) | 38.29 | 51.06 | 74.19 | 52.46 | 57.44 | 101.70 | |
| Dividend Per Share (INR/Share) | 7.20 | 7.20 | 14.40 | 7.20 | 7.20 | 14.40 | |
| Net Asset Value Per Share(INR/Share | 1,179 | 1,184 | 1,179 | 1,461-1,508 | 1,435-1,491 | 1,461-1,508 |
GE Shipping – Q2FY26 Results
7
PROFIT & LOSS STATEMENT – INDUSTRY FORMAT
| Standalone | Standalone | Consolidated | Consolidated | Consolidated | ||
|---|---|---|---|---|---|---|
| Q2 | Q2 | H1 | Q2 | Q2 | H1 | |
| Figures in INR Crores | FY26 | FY25 | FY26 | FY26 | FY25 | FY26 |
| Operating Revenue | 847 | 1,004 | 1,642 | 1,236 | 1,348 | 2,431 |
| Less: Direct Operating Expenses/Voyage Expenses | 97 | 168 | 186 | 174 | 231 | 340 |
| Time Charter Equivalent (A) | 749 | 836 | 1,456 | 1,063 | 1,117 | 2,092 |
| Profit on sale of Ships and Other Assets | 0 | 128 | 0 | 0 | 129 | 0 |
| Other Income | 103 | 120 | 224 | 145 | 103 | 288 |
| Total Other Income (B) | 103 | 249 | 224 | 145 | 232 | 288 |
| Other Operating Expense | 202 | 235 | 400 | 334 | 358 | 630 |
| Administrative and General Expense | 64 | 68 | 135 | 79 | 103 | 191 |
| Total Expenses (C) | 266 | 303 | 535 | 413 | 461 | 821 |
| EBITDA (D)=[ (A)+(B)-(C) ] | 587 | 782 | 1,145 | 795 | 888 | 1,558 |
| Depreciation and Amortisation (E) | 149 | 133 | 274 | 224 | 206 | 421 |
| Impairment/(Reversal of Impairment) on certain Ships (F) | - | - | - | - | (8) | - |
| Operating Profit Including Other Income | 437 | 649 | 871 | 571 | 690 | 1,137 |
| (G)=[ (D)-(E)-(F) ] | ||||||
| Finance Expense (H) | 27 | 44 | 58 | 44 | 64 | 89 |
| Derivative Losses/(Gains) (I) | 61 | 29 | 58 | 59 | 35 | 59 |
| Foreign Currency Exchange Losses/(Gains) (J) | (135) | (17) | (147) | (132) | (18) | (147) |
| Income Tax Expense (K) | 25 | 27 | 53 | 19 | 34 | 51 |
| Net Profit [ (G)-(H)-(I)-(J)-(K) ] | 460 | 565 | 848 | 581 | 576 | 1,086 |
GE Shipping – Q2FY26 Results
8
NORMALISED FINANCIALS – KEY RATIOS
Earnings per Share (INR/Share)
Cash Profit per Share (INR/Share)
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Earnings per Share (INR/share) Cash Profit per Share (INR/share)
80
60 59.57
57.26
70 70.26 [71.06]
51.21
50 48.98 49.13 49.13 63.89
47.62
40 45.0342.38 46.3437.06 41.65 43.6241.73 45.1039.82 36.79 60 55.65 57.95 60.7153.61 54.73 52.26 56.01 56.3 57.44 54.3954.21 52.46
38.67 50 50.61 49.65 51.06 49.20 49.25
35.6532.55 36.23 [37.5135.99] 35.43 48.21 44.17 [45.82 44.76]
29.97 38.29
30 27.84 40 40.55
27.18
36.47 35.90
22.27
20 30
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
FY23 FY23 FY23 FY23 FY24 FY24 FY24 FY24 FY25 FY25 FY25 FY25 FY26 FY26 FY23 FY23 FY23 FY23 FY24 FY24 FY24 FY24 FY25 FY25 FY25 FY25 FY26 FY26
Standalone Consol Standalone Consol
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GE Shipping – Q2FY26 Results
9
CONSISTENT DIVIDEND PAYOUTS
Dividends (INR/Share)
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40
36.3
35
30 29.7
28.8
25
20
15 15
13.5
14.4
11
10 10 [11.5] 10.1 9.9
9 8 8 8 6.5 [7.5] [9] 7.2 8.1 [9]
5 5.4
0
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GE Shipping – Q2FY26 Results
10
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SHAREHOLDING PATTERN
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FII/FPI
25% Promoters
30%
DII/FI
16% Public
29%
30-Sep-2025
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GE Shipping – Q2FY26 Results
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11
PERFORMANCE REVIEW
| Breakup of Revenue Days (Shipping) | Q2 | Q2 |
|---|---|---|
| Revenue Days | FY26 | FY25 |
| Owned Tonnage | 3,494 | 3,830 |
| Inchartered Tonnage* | 184 | 154 |
| Total Revenue Days | 3,678 | 3,984 |
| TotalOwnedTonnage (mn.dwt) | 3.13 | 3.36 |
*Relates to the inchartered ships in GES IFSC
| Breakup of Revenue Days (Offshore) | Q2 | Q2 |
|---|---|---|
| Revenue Days | FY26 | FY25 |
| Offshore Logistics | 1,617 | 1,407 |
| Drilling Services | 274 | 365 |
| Total | 1,891 | 1,772 |
GE Shipping – Q2FY26 Results
12
PERFORMANCE REVIEW
| Avg TCYs in Various Categories | Q2 | Q1 | QoQ | Q2 | YoY |
|---|---|---|---|---|---|
| Avg (TCYs USD/Day) | FY26 | FY26 | % | FY25 | % |
| Crude Carriers | 29,974 | 33,865 | -11% | 28,492 | 5% |
| Product Carriers | 25,110 | 24,774 | 1% | 28,978 | -13% |
| LPG Carriers | 43,146 | 43,868 | -2% | 43,507 | -1% |
| DryBulk | 15,695 | 14,883 | 5% | 16,686 | -6% |
GE Shipping – Q2FY26 Results
13
5 YEARS MOVEMENT IN STANDALONE NAV
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Standalone NAV
1,400
CAGR: 19% 1,179
1,200
1,000
800
600
454
400
200
-
FY20 FY21 FY22 FY23 FY24 FY25 Q2 FY26
INR/SHARE
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GE Shipping – Q2FY26 Results
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14
CHANGES IN STANDALONE NAV (Y-O-Y)
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Changes in Standalone NAV
1,600
1,400 165
1,184 1,179
1,200
(142)
(28)
1,000
800
600
400
200
-
NAV Sep'24 Cash Profit Fleet Value Dividend NAV Sep'25
INR/SHARE
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GE Shipping – Q2FY26 Results
15
CHANGES IN CONSOLIDATED NAV (Y-O-Y)
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Changes in Consolidated NAV
1,800
205
1,600
1,484
1,463
(156)
1,400 (28)
1,200
1,000
800
600
400
200
-
NAV Sep'24 Cash Profit Fleet Value Dividend NAV Sep'25
INR/SHARE
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GE Shipping – Q2FY26 Results
16
REVENUE COVERAGE
| Coverage of Operating Days (Shipping) | |
|---|---|
| Category | Q3-FY26 |
| Crude Carriers | 57% |
| Product Carriers | 58% |
| LPG Carriers | 100% |
| DryBulk | 59% |
| Coverage of Operating Days (Off-Shore) | |
|---|---|
| RevenueDays | Q3-FY26 |
| Jack Up Rigs | 75% |
| AHTSV | 89% |
| MPSVV | 39% |
| PSV/ROVSV | 100% |
GE Shipping – Q2FY26 Results
17
STANDALONE DEBT REPAYMENT SCHEDULE
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GESCO - Standalone (USD mn)
80 186 200
67 66
157
60 150
40 90 100
29
66
23
20 50
0
0 0
Sep-25 Mar-26 Mar-27 Mar-28 Mar-29
Repayments Loan O/s (RHS)
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GE Shipping – Q2FY26 Results
18
FLEET PROFILE
| FLEET PROFILE | |||
|---|---|---|---|
| Fleet Profile - Shipping | DWT | Fleet | (7-Nov-25) |
| Fleet | FY25 | No | Avg Age (Yrs) |
| Crude Carriers | 8,49,329 | 6 | 15.85 |
| Product Carriers | 10,47,743 | 17 | 16.46 |
| Gas Carriers | 1,85,363 | 4 | 20.01 |
| Dry Bulk Carriers | 12,89,500 | 14 | 11.79 |
| Total | 33,71,935 | 41 | 15.19 |
Additionally, GESCO has contracted to:
-
Purchase 6yr Ultramax Dry Bulk Carrier (delivery by 4Q26)
-
Sell 20yr Crude Carrier “Jag Lok” (delivery in 3Q26)
-
Sell 20yr MR Product Tanker “Jag Pooja” (delivery in 3Q26)
| Fleet Profile - Offshore | Fleet | (7-Nov-25) |
|---|---|---|
| Fleet | No | Avg Age (Yrs) |
| Jack Up Rigs | 4 | 14.06 |
| Platform Supply Vessels | 4 | 16.24 |
| Anchor Handling Tug cum Supply Vessels | 9 | 16.31 |
| Multipurpose Platform Supply & Support Vessels | 2 | 15.52 |
| ROV Support Vessels | 4 | 14.07 |
GE Shipping – Q2FY26 Results
19
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SHIPPING MARKET
CRUDE AND PRODUCT TANKERS
Avg. Suezmax Earnings (USD/day)
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1,00,000
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90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
FY22 FY23 FY24 FY25 FY26
USD/day H1-FY26 H1-FY25 % change
Suezmax 48,919 45,178 8%
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Avg. MR Earnings (USD/day)
50,000
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40,000
30,000
20,000
10,000
0
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
FY22 FY23 FY24 FY25 FY26
USD/day H1-FY26 H1-FY25 % change
MR 20,782 28,389 -27%
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Sources: Industry Reports
GE Shipping – Q2FY26 Results
21
CRUDE AND PRODUCT TANKERS
Crude Tankers
-
Global dirty trade grew 7% y/y in Q2 FY26.
-
OPEC+ production unwinding drove a 7% rise in MEG exports while South American exports surged 17%, supported by new Brazilian supply.
-
Strong West-to-East flows incentivised by firm Dubai prices, further boosted the ton-miles.
-
China continued to absorb crude at a healthy pace, with inventory stockpiling persisting, albeit at a slower rate than in Q1 FY26.
-
The crude tanker fleet remained broadly flat compared to the previous year.
Product Tankers
-
Total seaborne product trade grew 2% y/y in Q2 FY26.
-
Strong diesel cracks, particularly in Western markets, supported East–West diesel flows.
-
Russian refinery outages due to drone attacks disrupted product loadings, prompting Brazil to partly replace lost Russian imports with supplies from the US and India.
-
The product tanker fleet expanded by approximately 4% y/y.
Tanker asset prices & order book
-
Asset prices remained stable for Crude tankers while MR product tanker values rose 5% q/q
-
The orderbook for crude and product tankers is currently 13% and 18% of respective fleet.
-
Sources: Industry Reports
GE Shipping – Q2FY26 Results
22
DRY BULK
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Avg. Baltic Capesize 5T/C Earnings (USD/day)
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
FY22 FY23 FY24 FY25 FY26
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Avg. Baltic Supra BSI-58 10T/C Earnings
(USD/day)
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
FY22 FY23 FY24 FY25 FY26
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USD/day H1-FY26 H1-FY25 % change Capesize 21,674 23,795 -9%
USD/day H1-FY26 H1-FY25 % change Supramax 12,607 14,764 -15%
Sources: Industry Reports
GE Shipping – Q2FY26 Results
23
DRY BULK
-
Spot earnings improved significantly q/q in Q2 FY26. Capesize earnings were flat y/y while Kamsarmax and Supramax earnings increased by 14% & 4%, respectively.
-
Global iron ore trade grew by 3% y/y during Q2 FY26 as firm import demand from China was met by robust supply from Australia and Brazil.
-
Coal trade recovered ~1% y/y after a weak Q1. Chinese import demand improved as domestic production declined during the quarter, while Southeast Asian imports remained firm.
-
Grain trade grew by 8% y/y as China ramped up its soybean imports from South America to reduce reliance on US.
-
Bauxite trade remained strong, up by 14% y/y, as China’s import appetite remained robust.
-
Bulker Carrier asset prices firmed 5-8% during the quarter.
-
Bulk carrier fleet grew by 3% y/y during Q2 FY26.
-
Order book for the dry bulk sector stands at ~10.8% of fleet.
-
Sources: Industry Reports
GE Shipping – Q2FY26 Results
24
LPG GAS
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Avg. VLGC Earnings (USD/day)
1,60,000
1,40,000
1,20,000
1,00,000
80,000
60,000
40,000
20,000
-
April May June July Aug Sep Oct Nov Dec Jan Feb Mar
FY 22 FY23 FY24 FY25 FY26
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-
VLGC spot earnings doubled y/y in Q2 FY26.
-
Trade volumes were flat y/y, as exports from major suppliers — the US and Middle East — showed little growth.
-
However, the ongoing US–China trade war led to longer-haul rerouting, increasing ton-miles even though overall volumes were unchanged.
-
VLGC fleet grew by 3% y/y in Q2 FY26.
-
Asset prices corrected by 5% y/y during the quarter.
| USD/day | H1-FY26 | H1-FY25 | % change |
|---|---|---|---|
| VLGC | 55,235 | 42,321 | 31% |
- The total VLGC orderbook-to-fleet remain elevated at 28%.
GE Shipping – Q2FY26 Results
Sources: Industry Reports
25
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FLEET SUPPLY
LOW ORDER BOOK TO FLEET RATIO
Historic Order Book as a % of fleet (Calendar Year)
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90
80
70
60
Current
Orderbook
50
40
28.9
30
18.4
20
13.1
10
10.7
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
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Crude tankers Product tankers Bulkers LPG Carriers (65k+ cbm)
GE Shipping – Q2FY26 Results
27
Sources: Industry Reports
ORDERBOOK – YEARWISE BREAKUP
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Orderbook as % of fleet
16.0%
14.1%
14.0%
12.0%
10.0%
8.1% 8.1%
8.0% 7.1%
6.4%
5.6% 5.7% 5.6%
6.0%
4.1%
3.7%
4.0% 3.2% 3.0% 3.3%
2.3%
1.8%
1.5% 1.3%
2.0% 1.1%
0.5% 0.5%
0.0%
Crude Product Product (Ex LR2) Drybulk LPG
Cal 2025 (Balance) 2026 Cal 2027 Cal 2028 & Beyond
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GE Shipping – Q2FY26 Results
28
Sources: Industry Reports
SCRAPPING
Scrapping continues to be very low, and the pool of old ships continues to grow
| Fleet (Mn Dwt) | Fleet (Mn Dwt) | Fleet (Mn Dwt) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| VesselCategory | Nov-25 | ||||||||||
| Crude | 450 | ||||||||||
| Product | 196 | ||||||||||
| DryBulk | 1059 | ||||||||||
| 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 | |
| Crude | 0.26 | 0.14 | 0.08 | 0.67 | 2.18 | 0.52 | 0.55 | 4.39 | 2.44 | 0.39 | |
| Product | 0.52 | 0.06 | 0.14 | 0.76 | 2.03 | 0.56 | 0.60 | 1.74 | 1.22 | 0.55 | |
| DryBulk | 0.35 | 0.37 | 0.55 | 0.45 | 0.57 | 1.73 | 0.93 | 0.54 | 1.85 | 3.77 |
GE Shipping – Q2FY26 Results
29
Sources: Industry Reports
ORDERBOOK AND SCRAPPING POTENTIAL
Aging Fleet as a % of Total Fleet
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25.0%
Crude
20.0%
Product
15.0%
Drybulk
10.0%
LPG
5.0%
0.0%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%
Orderbook as % of Total Fleet
Aging Fleet as a % of Total Fleet
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Scrapping Potential: For LPG carriers 25+ age is considered while all other vessel category 20+ is considered
GE Shipping – Q2FY26 Results
30
Sources: Industry Reports
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ASSET PRICE MOVEMENT
ASSET PRICE MOVEMENT (INDEXED SINCE Jan’20)
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5 Yr Old Asset Value Movement (Crude) 5 Yr Old Asset Value Movement (Product)
180
155 151
160
143
135
140
115
120
95 100
75 80
Suezmax MR
5 Yr Old Asset Value Movement (Dry Bulk) 5 Yr Old Asset Value Movement (LPG)
200
181 150
180
140
131
160
130
140 120
120 110
100 100
80 90
Capesize VLGC
GE Shipping – Q2FY26 Results 32
Sources: Industry Reports
Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25
Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25
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GREATSHIP (INDIA) LIMITED 100% SUBSIDIARY
MARKET TRENDS: UTILISATION
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Jack Up Utilisation % Util
450 85
80
400
75
350
70
65
300
60
250
55
200 50
Under Contract Total Util %
Jan 2010 Jul 2010 Jan 2011 Jul 2011 Jan 2012 Jul 2012 Jan 2013 Jul 2013 Jan 2014 Jul 2014 Jan 2015 Jul 2015 Jan 2016 Jul 2016 Jan 2017 Jul 2017 Jan 2018 Jul 2018 Jan 2019 Jul 2019 Jan 2020 Jul 2020 Jan 2021 Jul 2021 Jan 2022 Jul 2022 Jan 2023 Jul 2023 Jan 2024 Jul 2024 Jan 2025 Jul 2025
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GE Shipping – Q2FY26 Results
Sources: Industry Reports
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FLEET SUPPLY – Rigs & OSVs
| Current Fleet | 497 | 3352 |
|---|---|---|
| Cold stacked more than 3 years | 62 | 446 |
| No of Vessels/Rigs more than 20/30 years old (% Fleet) | 31% | 24% |
| Under Contract Fleet | 353 | 2339 |
| Order Book | 13 | 83 |
| O/B to Current Fleet | 2.6% | 2.5% |
Source: Industry Reports
GE Shipping – Q2FY26 Results
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REPRICING
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GIL – Repricing
7
6
6
5
5
4
3
3
2 2
2
1 1 1 1 1
1
0 0 0 0
0
H2FY26 H1FY27 H2FY27 H1FY28 H2FY28 H1FY29 H2FY29
Vessels Rigs
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GE Shipping – Q2FY26 Results
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FINANCIALS
STRONG CASHFLOWS: PEAK NET DEBT USD 361mn TO NET CASH OF ~USD 549mn
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USD Mn
Net Debt Expansion Phase Net Debt Reduction Phase
600 0.60
0.49
0.50
361
400
0.40
0.30
200
0.20
0.10
-
-
(0.10)
(200)
(0.20)
(0.30)
(400)
(0.40)
(0.38)
(600) (549) (0.50)
FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 2Q-2026
Net Debt Net Debt/Equity (RHS)
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GE Shipping – Q2FY26 Results
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SHARE PRICE TO CONSOLIDATED NAV
INR/Share
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2,000 1.00
1,800 0.90
0.73
1,600 0.80
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 Q2-FY26
Consolidated NAV Standalone NAV Share Price/Consol. NAV (RHS)
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* For Q2FY26 we have taken closing share price as on 7[th] November 2025 (INR 1,085/share)
GE Shipping – Q2FY26 Results
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GREAT EASTERN FOUNDATION
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Since 2015, GEF has partnered with 57 NGOs under the three key CSR focus areas.
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Education : More than 2.65 Lakh students reached out through primary and secondary education.
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–
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Health: Around 89,000 women, 13,000 girls and 49,000 children provided with health services including maternal care, nutrition support through clinics and community programs.
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Livelihoods: Around 46,000 women provided with entrepreneurship trainings and business handholding support in agriculture, non-agriculture sectors and handloom weaving.
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FY 2025 26: Currently, supporting 29 NGOs working under education, health and livelihoods across 16 States and 4 Union Territories in India.
TO KNOW MORE ABOUT OUR CSR: Click Here
GE Shipping – Q2FY26 Results
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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. Foundation for Promotion of Sports |
| Engineering, Guindy (AACEG) | and Games (OGQ program) | |
| 4. ATMA Education | 4. Cuddles Foundation | 4. Impact Foundation (India)/ Dasra |
| 5. IIT Madras | 5. Every Infant Matters Association | 5. Forum for Knowledge and Social |
| Impact/IDR | ||
| 6. Educational Initiatives | 6. Inga Health Foundation (IHF) | 6. Mauna Dhwani Foundation |
| 7. Saajha | 7. Nourishing Schools Foundation (NSF) | 7. Medha Learning Foundation |
| 8. Studeasy Bharat Foundation | 8. Nudge Lifeskills Foundation | |
| 9. Teach to Lead (TFI program) | 9. Sri Arunodayam Charitable Trust | |
| 10. Ummeed Child Development Center | 10. Vrutti | |
| 11. Vision Empower | ||
| 12. 17000ft Foundation |
GE Shipping – Q2FY26 Results
TO KNOW MORE ABOUT OUR CSR: Click Here
41
THANK YOU
Visit us at www.greatship.com
Read the Story of GE Shipping – Coffee Table Book
GE Shipping – Q2FY26 Results
42