Great Eastern Shipping Co. Ltd. — Investor Presentation 2021

May 7, 2021

Our Ref.: S/2021/JMT May 07, 2021

MUMBAI – 400 001 Mumbai – 400 051

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),

Dear Sir,

Further to our letter dated May 7, 2021, we enclose herewith Investor Presentation pertaining to the Financial Results for the quarter and year ended March 31, 2021.

You are requested to take note of the above.

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

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

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.

FINANCIAL YEAR FY 21

REPORTED FINANCIAL

HIGHLIGHTS

GE Shipping FY21 consolidated Net Profit at Rs. 919 Crores

Proposes final dividend of Rs. 9.00 per share

Standalone		Key Figures	Consolidated
FY21FY20		(Amount in Rs. Crs)	FY21	FY20
		Income Statement
2,893	3,091	Revenue (including other income)	3,568	3,898
1,640	1,114	EBITDA (including other income)	1,840	1,428
1,030	281	Net Profit	919	207
		Balance Sheet
10,845	10,006	Total Assets	14,146	13,833
6,098	5,067	Equity	7,704	6,796
3,715	3,595	Total Debt (Gross)	5,011	5,277
584	1,323	Long Term Debt (Net of Cash)	975	1,843
		Cash Flow
1,342	1,141	From operating activities	1,506	1,487
(389)	134	From investing activities	(406)	84
(100)	(1,409)	From financing activities	(496)	(1,864)
853	(134)	Net cash inflow/(outflow)	604	(292)

NORMALIZED FINANCIAL

HIGHLIGHTS

GE Shipping FY21 consolidated Net Profit at Rs. 759 Crores Proposes final dividend of Rs. 9.00 per share

Standalone		Key Figures	Consolidated
FY21	(Amount in Rs. Crs)FY20		FY21	FY20
		Income Statement
2,893	3,091	Revenue (including other income)	3,568	3,898
1,477	1,414	EBITDA (including other income)	1,712	1,756
842	614	Net Profit	759	616
		Balance Sheet
10,845	10,006	Total Assets	14,146	13,833
6,098	5,067	Equity	7,704	6,796
4,163	4,210	Total Debt (Gross)	5,458	5,893
1,032	1,939	Long Term Debt (Net of Cash)	1,422	2,459

REPORTED FINANCIAL HIGHLIGHTS

AHB	The Great EasterrShipping Co. Ltd.

	StandaloneKey Figures		Consolidated
Q4FY21	Q4FY20	(Amount in Rs. Crs)	Q4FY21	Q4FY20
		Income Statement
627	874	Revenue (including other income)	799	1,051
289	193	EBITDA (including other income)	314	208
144	(13)	Net Profit	49	(51)
		Balance Sheet
10,845	10,006	Total Assets	14,146	13,833
6,098	5,067	Equity	7,704	6,796
3,715	3,595	Total Debt (Gross)	5,011	5,277
584	1,323	Long Term Debt (Net of Cash)	975	1,843
		Cash Flow
205	343	From operating activities	239	411
(111)	34	From investing activities	(132)	(64)
(134)	(160)	From financing activities	(314)	(228)
(40)	216	Net cash inflow/(outflow)	(206)	119

NORMALIZED FINANCIAL HIGHLIGHTS

Standalone		Key Figures	Consolidated
Q4FY21	Q4FY20	(Amount in Rs. Crs)	Q4FY21	Q4FY20
		Income Statement
627	874	Revenue (including other income)	799	1,051
260	396	EBITDA (including other income)	305	451
116	206	Net Profit	86	220
		Balance Sheet
10,845	10,006	Total Assets	14,146	13,833
6,098	5,067	Equity	7,704	6,796
4,163	4,210	Total Debt (Gross)	5,458	5,893
1,032	1,939	Long Term Debt (Net of Cash)	1,422	2,459

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.

NORMALIZED FINANCIAL HIGHLIGHTS

Standalone		Key Figures	Consolidated
FY21	FY20		FY21	FY20
		Key financial figures
15.08%	12.12%	*Return on Equity (ROE) (%)	10.46%	9.06%
10.27%	9.76%	*Return on Capital Employed (ROCE) (%)	7.64%	8.16%
0.68	0.83	Gross Debt/Equity (x)	0.71	0.87
0.17	0.38	Net Debt/Equity (x)	0.18	0.36
57.29	41.33	Earnings per share, EPS (INR/Share)	51.61	41.46
89.73	73.41	Cash Profit per share (INR/Share)	102.41	91.44
9.00	8.10	Dividend per share	9.00	8.10
489	454	Net Asset Value per share (INR/Share)	514-562	488-530

*Annualized Figures

PERFORMANCE REVIEW

Break up of Revenue days (Shipping)

Revenue Days	Q4 FY21	Q4 FY20
Owned Tonnage	3,942	4,073
Inchartered Tonnage	13	-
Total Revenue Days	3,955	4,073
Total Owned Tonnage (mn.dwt)	3.51	3.70

Break up of Revenue days (Offshore)

Revenue Days	Q4 FY21	Q4 FY20
Offshore Logistics	1,508	1,618
Drilling Services	352	332
Total	1,860	1,950

Average TCYs earned over last few quarters in various (Shipping) categories

Average (TCY $ per day)	Q4 FY21	Q3 FY21	Q-o-Q Change	Q4 FY20	Y-o-Y Change
Crude Carriers	15,674	16,634	-6%	32,338	-52%
Product Carriers	10,877	10,441	4%	18,274	-40%
LPG Carriers	27,731	26,965	3%	25,932	7%
Dry Bulk	13,529	11,588	17%	8,321	63%

REVENUE VISIBILITY & COVERAGE

Extent of coverage of fleet'sCategoryRevenue Visibilityoperating days
Crude Carriers	11%
Product Carriers	15%
LPG Carriers	68%	Rs 556 Cr
Dry Bulk	23%
		FY22
	Category-wise coverage of operating days (Offshore) ---
Category	Extent of coverage of fleet'soperating days	Revenue Visibility
JackupRigs	72%

MPSVV 18%

PSV/ROVSV 88%

Rs 521 Cr

GESCO STANDALONE DEBT REPAYMENT SCHEDULE (NEXT 5 YEARS)

FLEET PROFILE

Fleet	DWT (FY21)	Fleet (7thMay 21)		Committed Capex/Sale
		No:	Avg Age
Crude Carriers	1,164,215	9	13.64
Product Carriers	1,092,465	18	13.11
Gas Carriers	250,687	6	17.85
Dry Bulk Carriers*	1,154,702	13	8.07	1 (Purchase)
Total	3,662,069	46	12.02

OFFSHORE
----------	--

Fleet	Number of Units	Average Age (Yrs.)
Jack Up Rigs	4	9.35
Platform Supply Vessels	4	11.50
Anchor handling Tug Cum Supply Vessels	8	11.35
Multipurpose Platform Supply & Support Vessels	2	10.83
ROV Support Vessels	5	9.52

SHIPPING MARKET

Rates Substantially Improved in Q1 as

• Oversupply of Oil • Ships taken for Floating Storage

Rates Substantially Reduced after Q1 as

• Oil Supply was curtailed
• Ships released from Floating Storage

Crude and Product Tankers

Earnings for Both Crude and Product Tankers remain near operating costs

• Demand continues to remains 5 to 6 mbpd below Pre COVID Levels
• Fleet Supply remains pressured due to
  • a. Strong Natural Fleet Growth of 3.8% for Crude and 2.9% for Product
  • b. Unwinding of Floating Storage vessels
  • c. Minimal Scrapping during the year despite poor earnings

DRY BULK MARKET

Sources: Industry Reports

Dry Bulk

After a weak start due to COVID led lockdown

Earnings Strengthened during the year as

Industrial Demand Improved led by China

Dry Bulk

Earnings for all asset classes have substantially improved especially the sub capes have reached levels not seen since 2010

• Strong Demand Growth across multiple Dry Bulk Commodities

• Port Congestion at a Decadal High

LPG (GAS) MARKET

An overall strong market during the year as

• US Export to Asia remained healthy
• Large number of vessels undergoing Dry Dock

Fleet Supply

One of the Lowest Order Book to Fleet Ratios For Tankers and Bulkers

Note : Data does not extend beyond Jan 1996 for both Product and Dry

Sources: Industry Reports

ASSET PRICE MOVEMENT

ASSET PRICE MOVEMENT (INDEXED) Over the Last 5 Years

Sources: Industry Reports

SCRAPPING

VesselCategory	Fleet(mnDwt)	Scrapping (% of beginning world fleet)
	Apr 21	YTDCY21	CY2020	CY2019	CY2018	CY2017	CY2016	CY2015	CY2014
Crude	433.44	0.48%	0.38%	0.61%	4.62%	2.35%	0.35%	0.23%	1.60%
Product	165.55	0.42%	0.51%	0.43%	1.64%	1.42%	0.62%	0.61%	1.19%
Dry Bulk	922.93	0.44%	1.63%	0.92%	0.54%	1.77%	3.67%	4.03%	2.25%

• Whilst the incentive to scrap is high for tankers, the actual tonnage scrapped so far has been quite limited.
• High spot freight rates in the dry bulk market has deterred significant scrapping in the sector.

Greatship (India) Limited (a 100% subsidiary)

OFFSHORE BUSINESS FLEET PROFILE

Fleet Utilization

Current Owned Fleet Type	FleetCount	Extent of coverage of fleet's operating days(FY22)
Jack Up Rigs (350ft)	4	72%
Anchor Handling Tug cum Supply Vessels(AHTSV)	8	48%
Multipurpose Platform Supply and SupportVessels (MPSSV)	2	18%
Platform Supply Vessels (PSV) / ROV SupportVessels (ROVSV)	9	88%

As on 31st March 2021

Challenged Environment with E&P Spend at 15 Year Low Underinvestment in the Sector?

Fleet Supply Increasing number of Cold Stacked Rigs

Number	Jackup Rigs	PSVs + AHTSVs
Current Fleet	514	3551
Orderbook	35	162
O/B to current fleet	6.8%	4.6%
Total Scrapping since January 2016 (nos.)	113	431
No. of Vessels/Rigs more than 20/30 years old(as %age of fleet)	38%	19%
Cold Stacked more than 3 years	63	661

There is a large potential for scrapping over next few years if the market continues to remain weak.

GREATSHIP DEBT REPAYMENT SCHEDULE (NEXT 5 YEARS)

FINANCIALS

Share Price to Consolidated NAV

* For FY21 we have taken share price as on 6th May 2021

THANK YOU

visit us at www.greatship.com