The Great Eastern Shipping Co. Ltd.

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2 May 2016 Business & Financial Review The Great Eastern Shipping Co. Ltd. 1

3 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. 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. 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. Forward Looking Statements 2

4 Bulk Logistics Drilling (Through wholly-owned subsidiary Greatship (India) Limited) India s largest private sector shipping company. Over 67 years of experience - Crude - Products Tankers Shipping (Bulk) Offshore The Great Eastern Shipping Company Corporate Profile 3

5 Uninterrupted dividend for 30 years Dividend per share (Rs) Two Interim dividends amounting to Rs per share declared and paid in FY

6 Govt/FI 19% Corporate Bodies 6% Public 20% FII 24% Promoters 31% Shareholding Pattern as on March 31, 2016 Shareholding Pattern 5

7 Vessel Name Type Jag Lalit Suezmax Jag Lok Suezmax Jag Lateef Suezmax Jag Lakshita Suezmax Jag Lyall Aframax Jag Lata Aframax Jag Laxmi* Aframax Jag Lavanya Aframax 8 Crude Carriers ; Average Age - 13 years Jag Aabha LR1 Jag Aanchal LR1 Jag Amisha LR1 Jag Aparna LR1 Jag Pahel MR Jag Pankhi MR Jag Prabha MR Jag Prakash MR Jag Pushpa MR Jag Prerana MR Jag Pranav MR Jag Pranam MR Jag Padma MR Jag Punit MR 14 Product Carriers; Average Age 8.9 years Sr. No * Contracted for sale with expected delivery in Q1 FY17 32 Vessels Average Age years Total dwt mn Sr. No. Vessel Name Type 23 Jag Vishnu VLGC 1 Gas Carrier; Age - 22 years 24 Jag Aarati Kamsarmax 25 Jag Aditi Kamsarmax 26 Jag Arya Kamsarmax 27 Jag Arnav Kamsarmax 28 Jag Ratan Supramax 29 Jag Rahul Supramax 30 Jag Rishi Supramax 31 Jag Rani Supramax 32 Jag Roopa Supramax 9 Bulk Carriers; Average Age years Shipping business - owned fleet 6

8 Jiangsu New Yangzi Shipbuilding Co. Ltd, China Mitsubishi Heavy Industries, Nagasaki Shipyard, Japan 4 Kamsarmax Dry Bulk Carriers 1 Secondhand Very Large Gas Carrier (Built 1996) Q1 FY17 Q1 FY17, Q2 FY17 & Q4 FY17 Expected Delivery Committed Capex - $ mn Yard Vessel Vessels on Order & Expected Delivery Vessels on Order & Capital Expenditure 7

9 Source Industry Reports USD mn VLCC Suezmax Aframax USD mn 2012 VLCC Suezmax Tankers Asset Prices (5-year old) Q Aframax 8

10 Source Industry Reports USD mn Capesize Panamax Supramax Panamax Dry Bulk asset prices at 20-year low USD mn Capesize Bulkers Asset Prices (5-year old) Q Supramax 9

11 Jan-11 Jan-12 Source Industry Reports 400 Jan Jan-13 Jan-14 Jan-15 Baltic Dirty Tanker Index Jan Jan Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Baltic Clean Tanker Index Jan-16 Low oil prices positively impacted tanker rates 10

12 2012 mbpd 2013 Demand Refinery Throughput (RHS) mbpd Q Q Q Q Q Q Q Q Q Supply Source Industry Reports blip down in refinery margins and increase in fleet during the quarter. Product tanker rates fell marginally on account of warm winter in the west, a by an increase of close to 1 mbpd in refinery throughput & port congestions Crude tanker rates, although lower than Q levels, remained healthy led Lower oil prices, leading to increased demand & refinery runs 11

13 Source Industry Reports logistical constraints Forced storage of oil products due to product-specific oversupply and Lower crude oil prices - SPR filling and increase in commercial inventory Rising supply, contango led to commercial stocking, SPR filling and forced storage 12

14 Apr Mar Feb Jan 2015 Source Industry Reports Oct Jul Jun Mar Dec Nov Oct Sep Aug Jul Jun May 2013 China Crude Oil Imports ( 000 bpd) Nov Sep Aug May Apr Feb Jan US Crude Oil Imports ( 000 bpd) US and China Crude Oil Imports Dec 13

15 Source Industry Reports close to historic lows Despite improvement during the quarter, dry bulk rates remain 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Baltic Dry Index Dry Bulk freight rates improved during the quarter Baltic Dry Index (Jan 2000 Apr 2016) Jan-00 Jun-00 Nov-00 Apr-01 Sep-01 Feb-02 Jul-02 Dec-02 May-03 Oct-03 Mar-04 Aug-04 Jan-05 Jun-05 Nov-05 Apr-06 Sep-06 Feb-07 Jul-07 Dec-07 May-08 Oct-08 Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jan-15 Jun-15 Nov-15 Apr-16 14

16 Q Australia Brazil Others Q % Q Q % 0% 5% 10% 15% China Steel Production Growth in China Steel Production (LHS) China s iron ore import grew 6% in Q mt Source Industry Reports World Crude Steel Production Growth in World Steel Production (LHS) mt Steel Production fell during the quarter China s iron ore import growth picked up 15

17 Oct-14 Jul-14 Apr-14 Jan-14 Source Industry Reports mt mt Jan China coal imports India coal imports Jan-16 Mar-15 Apr-16 Jan-16 Oct-15 Coal imports by top importers on a declining trend Mar-16 Nov-15 Sep-15 Jul-15 May-15 Jul-15 Apr-15 Jan-15 16

18 Crude Product Product tankers Dry bulk carriers Source Industry Reports 341 Crude tankers (in mn dwt) May 16 Fleet 9% 7% 7% CY2016 4% 6% 8% CY2017 3% 2% 4% CY mn dwt Dry Bulk Gross Fleet Addition (on current fleet) Fleet World Fleet Growth 17

19 Product Dry Bulk Source Industry Reports 341 (in mn dwt) May 16 Fleet as on Crude Vessel Category 2% 0.3% 0.1% 2016 YTD % 0.2% 0.2% 2% 1% 1% (% of beginning fleet) 2015 Scrapping Scrapping as % of world fleet (year-wise) Accelerated scrapping in Dry Bulk 3% 2% 2%

20 May 2016 Business Review (a 100% subsidiary) Greatship (India) Limited

21 4 Jack Up Rigs (350ft) 5 Platform Supply Vessels (PSV) 8 Anchor Handling Tug cum Supply Vessels (AHTSV) 2 Multipurpose Platform Supply and Support Vessels (MPSSV) 6 Platform / ROV Support Vessels (ROVSV)* Current Owned Fleet MPSSV Jackup Rigs ROVSV AHTSV 25 PSV Category Extent of coverage of fleet's operating days (per cent) (FY17) High Fleet Utilization * Includes Greatship Ragini (ROVSV) which has been contracted for sale with expected delivery in H2FY17 Ø The Greatship Group Offshore business- Fleet Profile 20

22 n Efficient and versatile vessels n Equipped to operate in challenging environments n Specialized/technologically advanced vessels equipped with DP I/DP II (Dynamic Positioning) and FiFi I (Fire Fighting) technologies Technologically Advanced n Demand shifting to modern vessels, especially as safety becomes a major concern for oil companies n Young jack-up fleet with an average age of approx. 4.5 years Young Fleet Cost Efficiencies Revenue Efficiencies - Reduced maintenance capex & opex - Lower Operating costs - Minimum down time - Higher utilization rates Greatship s Modern & Technologically Advanced Fleet & High Utilization 21

23 Source Industry Reports Outlook likely to have worsened since the last survey 2 years of continuous decline in capex spending Double-digit decline in capex spending in

24 26% % of O/B to current fleet 16% PSV Going forward slippage is expected remain high. market at a very low utilisation. In case of PSVs and AHTSVs more than half the fleet is either idle/stacked or working in spot 65% as on date. has resulted in utilisation levels coming down from around 90% at the start of 2014 to around Asset utilisation levels continue to come off. For premium Jack ups, lack of contract renewals o pushed back to owners have refrained from taking delivery. A lot of deliveries due in 2016 have now been Source: Rigzone, Marinebase, Industry Reports 10% AHTSVs YTD actual deliveries have been far lower than scheduled. Due to bleak employment scenario 120 Orderbook 464 Jackup Rigs Current Fleet (Nos) Fleet & Orderbook Global Fleet Supply Offshore 23

25 Q4 FY FINANCIAL HIGHLIGHTS

26 FY' (649.88) FY' (600.38) (809.43) (440.10) Standalone (917.52) ( ) (560.85) Balance Sheet Total Assets Equity Total Debt (Gross) Long Term Debt (Net of Cash) Cash Flow From operating activities From investing activities From financing activities Net cash inflow/(outflow) FY'16 Consolidated (Amount in Rs. crs) Income Statement Revenue (including other income) EBITDA (including other income) Net Profit Key Figures Q4 FY Financial Highlights (776.05) (228.28) FY'15 25

27 FY' % 6.52% 6.28% FY' % 12.04% 9.83% Standalone Share related figures Earnings per share, EPS (Rs) Diluted earnings per share (Rs) Cash Profit per share (Rs) Dividend per share (Rs) Exchange rate USD/INR, end of period (Rs) (Amount in Rs. crs) Key financial figures EBITDA Margin (%) Return on Equity (ROE) (%) Return on Capital Employed (ROCE) (%) Gross Debt/Equity Ratio (x) Net Debt/Equity Ratio (x) Exchange rate USD/INR, average (Rs) Key Figures % 13.23% 9.44% FY' % 10.54% 7.81% FY'15 Consolidated Q4 FY Financial Highlights 26

28 30,324 23,034 7,717 33,838 21,613 4,418 Crude Carriers Product Carriers (Incl. Gas) Dry Bulk (43)% (6)% 12% Average (TCY $ per day) Q4 FY16 Q4 FY15 % Chg Average TCY Details Time % Spot % Total Time % Spot % Tankers Time % Spot % Dry Bulk 65% 35% 66% 34% 63% 37% 73% 27% 63% 37% 95% 5% Q4 FY16 Q4 FY15 Mix of Spot & Time Days (in %) Total Owned Tonnage (mn.dwt)* * As on 31st March 2, ,603 2, ,659 Q4 FY16 Q4 FY15 Owned Tonnage Inchartered Tonnage Total Revenue Days Revenue Days Breakup of revenue days Q4 FY Performance Highlights 27

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