Great Eastern Shipping Company Ltd

Meeting Details

• Board meeting scheduled for August 27, 2026; no time or venue disclosed.

Key Agenda Items

• Board to consider buyback proposal for fully paid-up equity shares under SEBI Buy-Back Regulations, 2018.

Other Notes

• Trading window closed from August 25, 2026 to August 29, 2026.
• Outcome of the meeting to be communicated to stock exchanges after conclusion on August 27, 2026.

Meeting Details

• Meeting with Elara Capital Conference; group meeting in Mumbai on September 3, 2026.
• Event organizer: Elara Capital Conference.
• Format: in-person group meeting.
• Purpose: investor/analyst interaction with Great Eastern Shipping Company.

Participants

• Key company participants not disclosed in filing.

ESG rating update

• Crisil ESG Ratings assigned an overall score of 59 and Core ESG 66 to the company.
• Rating was independently assigned based on public-domain data; no engagement by the company.

Financial Performance

• Consolidated quarterly profit INR 1,309 crores; standalone INR 1,157 crores; about INR 91-92 per share.
• Consolidated NAV just under INR 1,900 per share; stand-alone NAV about INR 1,512.
• Interim dividend INR 14.40 per share; eighteenth consecutive, highest ever.
• Q1 highlights strongest tanker markets; Strait of Hormuz disruption boosted freight rates.
• Order book: crude tankers 27%, VLGCs 35%, product tankers 20-21%, bulk 14%.
• Fleet: 40 ships; average age 14.5 years; 19 offshore vessels, 4 rigs.
• About 25-26% capacity on time charter; majority on spot market.
• Trading at about 25% discount to consolidated NAV.
• In July, Jag Lokesh sold; Jag Lakshya replaced; both LR2 tankers.
• Cash position around USD 700 million; net debt around USD 600 million.
• SEBI buyback tax removed; reduces buyback hurdle.

Market Dynamics and Fleet

• Strait of Hormuz disruption pushed freight rates to all-time highs.
• LPG timecharter repriced ~25-30% higher.
• Three rigs up for repricing in H2; one awarded a 3-year contract.
• TC: crude tankers $90k/day; product tankers $45k/day; OSVs ~90% coverage for Q2.
• Crude tanker order book 27%; VLGC 35%; product 20-21%; bulk 14%.
• Crude tankers fixed 46% of days; reflects spot-driven utilization.
• Delivery mix: ~7% of tanker orders and ~4% of bulk orders due next year.

Capital Allocation and Liquidity

• Cash on hand around USD 700m; net debt around USD 600m.
• Buyback policy undecided; board to decide; no fixed price target.
• Management prefers preserving cash; selective expansion later.
• Capex is ship-specific; age-based replacement; no annual budget.
• Samudra Manthan offshore program discussed; no concrete capex plan yet.
• Treasury policy: no U.S. Treasuries; cash in banks; rupee balances in debt funds or bank deposits.
• Past year fleet capex about INR 1,200 crores; Q1 INR 300 crores; July INR 250-300 crores.

Q&A Highlights

• Buyback timing discussed; no firm action yet.
• Incremental cash could fund two ships per quarter; management seeks value.
• Delivery timelines: most new ships on time; six to twelve months delays unlikely.
• GE Shipping does not operate through the Strait of Hormuz.
• refinery dislocations cited; not structural; depends on war.
• Panama Canal impact on LPG; Suez canal unaffected.
• Deliveries expected on time; delays unlikely.

Risks and Watchpoints

• Strait of Hormuz remains a key risk; volatility in freight rates.
• Dislocations in oil trade patterns; not necessarily structural.
• Panama Canal congestion affects LPG; Suez largely unaffected.

Acquisition details

• Contracted to buy a secondhand Kamsarmax dry bulk carrier of about 81,886 dwt.
• 2015-built vessel expected to join GE Shipping’s fleet in Q3 FY27.

Financing

• Financed entirely from internal accruals.

Fleet expansion rationale

• Purpose of acquisition is expansion of the fleet.

Existing fleet and capacity

• Current owned fleet: 40 vessels, 3.24 million dwt; utilization near 100%.

Fleet composition

• Tankers: 25 vessels (5 Crude, 16 Product, 4 LPG).
• Dry bulk: 15 vessels (2 Capesize, 10 Kamsarmax, 1 Ultramax, 2 Supramax).

Meeting Details

• Board meeting on Aug 3, 2026 to consider June quarter results.
• Earnings call on Aug 4, 2026 at 04:30 pm IST via virtual webcast.
• Organizer: Great Eastern Shipping Company Limited.
• Key participants: CFO (Executive Director) and senior management.
• Purpose: discuss quarterly results, financial snapshot, and outlook; Q&A session.

Dematerialisation status

• Details of securities dematerialised during the quarter furnished to all stock exchanges where shares are listed.
• Physical certificates dematerialisation mutilated and cancelled after verification; depository registered owner substituted within 15 days.
• There were no rematerialisation requests during the quarter.

Delivery and fleet update

• Took delivery of 2015-built Long Range 2 tanker Jag Laxman (109,990 dwt) on July 9, 2026.
• Vessel financed entirely from internal accruals.
• Current owned fleet stands at 41 vessels, 26 tankers and 15 dry bulk carriers.
• Total fleet dwt aggregates to 3.35 million.
• Utilisation level is near 100%.
• Contracted to sell one secondhand LR2 Product Tanker; sale expected in Q2 FY27.
• Contracted to buy Jag Laxman in Q1 FY27.