GREAT EASTERN SHIPPING FUNDAMENTAL RESEARCH REPORT

The Great Eastern Shipping Company (NSE: GESHIP, BSE: 500620), Mumbai, founded 1948, is India’s largest private shipping company: 40 ships (crude and product tankers, LPG carriers, dry bulk; average age 14.5 years), plus offshore services through its wholly owned Greatship (India): 19 offshore vessels and 4 jack-up rigs. Its long-run playbook is counter-cyclical: buy ships cheap, run mostly in the spot market (~74-75% of capacity), bank the cash at the top. It has been net cash for more than three years and has paid 18 consecutive quarterly dividends. Event 1 - its most profitable quarter ever. The closure of the Strait of Hormuz since Feb-2026 forced oil buyers to source from the US and Brazil, creating longer voyages and more ton-miles; tanker rates hit all-time highs (product tankers near USD 50,000/day, crude tanker TCE ~USD 90,000/day). Q1 FY27 consolidated PAT was Rs 1,309 Cr (EPS Rs 91.7, vs Rs 504 Cr a year ago); revenue Rs 2,005 Cr; OPM 67%. The interim dividend of Rs 14.40 is the highest ever. Management puts consolidated NAV (fleet at market) at “just short of Rs 1,900/share”.