Analysts/Institutional Investor Meet/Con. Call Updates

Our Ref.: S/2026/SECL August 11, 2026 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 Sub: Transcripts of Earnings call conducted on August 04, 2026 Dear Sir/Madam, Further to our letters dated July 29, 2026 and August 04, 2026, please find enclosed transcripts of the earnings call held on August 04, 2026. We request you to take the same on record. Thanking You, Yours faithfully, For The Great Eastern Shipping Company Limited Anand Punde Company Secretary Email ID: anand_punde@greatship.com www.greatship.com “The Great Eastern Shipping Limited Financial Results for Quarter Ended 30th June 2026” August 04, 2026 MANAGEMENT: MR. G. SHIVAKUMAR – EXECUTIVE DIRECTOR AND CHIEF FINANCIAL OFFICER, THE GREAT EASTERN SHIPPING COMPANY LIMITED MR. RAHUL SHETH – GENERAL MANAGER, MD’S OFFICE -THE GREAT EASTERN SHIPPING COMPANY LIMITED Page 1 of 17 The Great Eastern Shipping Limited August 04, 2026 Moderator: Good evening, ladies and gentlemen. Thank you for standing by. Welcome to GE Shipping Earnings Call on declaration of its Financial Results for the Quarter Ended 30th June 2026. At this moment, all participants are in listen-only mode. Later, we will conduct a question and answer session I now hand the conference over to Executive Director and Chief Financial Officer, Mr. G. Shivakumar, to start the proceedings. Thank you, and over to you, sir. G. Shivakumar: Thank you. Good afternoon, everyone, and welcome to the conference call for discussing the results and the markets of Q1 FY27. As always, the customary disclaimers apply. We are not forecasting the market. We don't give earnings guidance either. Let's look at the broad highlights. We've had our most profitable quarter ever by a significant margin. The consolidated profit is INR1,309 crores, while the stand-alone profit is INR1,157 crores. That's about INR 91-92/share on a consolidated basis. Our net asset value has also gone up by about INR 100/ share. So stand-alone NAV is about INR 1,512/share and consolidated is just short of INR 1,900/share. We also announced our 18th consecutive interim dividend of INR 14.40/share, again, our highest ever quarterly dividend. I won't spend too much time on the numbers, except the highlights are, of course, we continue to accumulate cash. While we have done quite a few of the modernizing transactions, the cash continues to build up. I will skip through most of these, and let's discuss the markets. Moderator, I think we need to mute all the parts. Moderator: Yes, the participants are muted. G. Shivakumar: Yes. -- Thank you. So the big event of the last quarter and of February, March was the events around the Strait of Hormuz which had a huge impact on tanker markets. We saw freight rates going to all-time highs during the last quarter because of all the disruption which was caused in the Strait of Hormuz. As we mentioned in the last quarter's concall, a lot of oil cargoes come through the Strait of Hormuz. And consuming nations needed to look for different sources of this oil. As a result of that, the trade patterns went completely askew and therefore, ton-mile demand picked up hugely. So for instance, instead of exporting from, say, the Middle East to Asia, the Asian countries had to source their oil from, say, the U.S. or Brazil, which is a much longer voyage, and therefore, it requires more ships. That tightened the market, and that's what resulted in significant strength in the market. Similarly for product tankers as well. So MR earnings in the spot market were close to $50,000 a day last quarter. And yes, that's again all-time highs. The asset prices as a result of this, the asset prices did what is logical, and they went up further during the quarter, up about 5% to 10%. And the order book continues to build tremendously. There's a lot of ordering taking place. Bulk carrier earnings also were fairly strong. While they were not too affected by the Strait of Hormuz issue, the very Page 2 of 17 The Great Eastern Shipping Limited August 04, 2026 little less than 5% of dry bulk cargoes actually go through the Strait of Hormuz. So it wasn't much of an issue for the bulk carrier market. However, we had stronger earnings. Some of it is possibly because LNG was not able to come out of the Strait of Hormuz. And some of the power plants are able to switch from LNG to coal and therefore, some replacement of that demand took place, which means more coal transportation. What also happened was that the grain trade was quite strong, which led to increased demand for bulk carriers. Therefore, bulk carrier markets were slightly better than they were in the corresponding quarter of the previous year. LPG, again, we have our ships in the time charter market and on time charters, while we have one vessel which is actually -- which has some upside participation in the spot market rates. Our vessels typically are on fixed rate charters. Markets were very strong again as importing countries typically went to U.S. to make up for the shortfall of LPG from the Middle East. Therefore, asset prices also went up. Freight rates were in excess of $100,000 a day. I mentioned earlier, asset prices all going up across the board, just to varying degrees. The order book is picking up. The order book now for crude tankers is at 27%. The order book for VLGCs is currently at 35%, which is a huge number for product tankers continues to be at about 20%, 21%, while bulk carriers are at about 14%, having picked up from about 10% to 12%. So there has been a huge amount of ordering. You can see the blue line shooting up from below 10% to currently at 27%. A huge number of crude tankers have been ordered in the last 1 year or so. Coming to the jack-up market, the utilization of jack-up rigs is a global number, remains where it was 3 to 6 months ago. The headline news is that rigs which were temporarily suspended during these hostilities by Saudi Aramco are slowly coming back on contract and going back to work. Coming to what's happening with our fleet. We have mentioned here that 3 rigs are up for repricing in the second half. We have just received a letter of award for a 3-year contract on one of those rigs. So, we will now have 2 rigs which require to be repriced this year. Apart from that, we have some vessels coming up for repricing all the time. Just a short overview, 40 ships with an average age of 14.5 years, 19 offshore vessels and 4 rigs. These are the transactions we did over the last 4 months. So, we've sold 2 MR tankers replaced with 1 MR tanker, and we also bought a Kamsarmax dry bulk carrier. In the month of July, we sold the Jag Lokesh, which is an LR2 tanker and replaced with the Jag Lakshya, which is also an LR2 tanker, but is 6 years younger and is an eco-ship as well. We continue to be on the spot market. About 25-26% of our capacity is currently on time charter. So we are predominantly on the spot market and able to, therefore, take benefit of the market spike. Page 3 of 17 The Great Eastern Shipping Limited August 04, 2026 And you can see the TC-wise, so crude tankers have produced a TC $90,000 a day, product tankers, $45,000. This is a coverage of the operating days for Q2. Of course, we are almost 40% through the quarter. So it makes sense that you would have at least 40% covered. While the supply vessels, you can see in 3 different categories, have about a 90% cover for Q2. We won't go too much into these financial metrics. The NAV movement, of course, we've seen before. And this is where we stand at our share price to consolidated net asset value with consolidated NAV of just under INR 1,900/share, we trade at about a 25% discount to NAV. And these are the dividends that we paid out over the last 4 years plus, a very strong dividend payments over the last 4 years beca [Showing first 8,000 characters — download PDF for full document]