Great Eastern Shipping Company Ltd

- The Company continues to evaluate fleet renewal and expansion opportunities based on market conditions, with no immediate hard capex commitments. - Ships sold have generally been replaced with younger vessels via purchase or in-charter, maintaining exposure. - New building contracts as a hedge are considered but not centrally relied upon due to uncertain delivery timelines and market conditions. - No immediate plans for buybacks; preference is to invest in fleet renewal and expansion. - Offshore business repricing and contract bidding is ongoing; performance expected to be subdued due to rig off-hire periods. - No current plans for listing Greatship India Limited despite market demand. - Investment decisions and capital allocation remain flexible, responding to asset prices and market dynamics with no fixed policy changes currently.

- Crude tanker fleet remains flat with subdued growth in calendar 2025 (less than 2%) and product tankers showing about 6% growth. - Dry bulk fleet growth is moderate at 2-3%, with most new deliveries planned for 2026 and beyond. - LPG deliveries in 2025 are below 5%, with most capacity additions coming in 2026-27. - Order book for crude tankers is around 10%, and for product tankers about 21%, mainly due for delivery 2026 onwards. - Market conditions suggest steady but cautious fleet renewal and expansion, aligned to demand. - Offshore segment expected to have subdued performance in near term due to rig contract repricing and off-hire periods. - Company is prepared to capitalize on buying opportunities if asset prices soften. - No formal guidance on margins or future revenue projections given market uncertainties.

- No formal earnings guidance was provided by management during the call. - Offshore segment earnings are expected to remain subdued in H2 FY25 due to rig off-hire periods and contract transitions. - Product tanker rates may see some recovery as crude tanker rates rise, enabling VLCCs to return to crude trade. - LPG spot rates have fallen, but period charter rates have corrected less significantly; no LPG contracts expiring this year. - The company is maintaining exposure to crude and product markets by replacing sold ships with newer ones or in-charters. - Dividend payouts depend on earnings and capital needs, with no fixed payout ratio. - Management focuses on reinvesting in fleet renewal and expansion rather than buybacks. - Market conditions and asset prices impact investment returns, with tanker prices having softened marginally. - Overall growth depends on market cycles, contract renewals, and fleet utilization rather than fixed projections.

- The global shipping order book generally spans deliveries within the next 3 to 4 years, as owners typically do not build ships more than 3-4 years in advance. - For product tankers, the order book stands at about 21%, with most deliveries scheduled for 2026 and beyond. Growth in 2025 is subdued at around 6%. - Crude tanker order book growth for 2025 is less than 2%, with most new ships arriving after 2026. - Dry bulk order book is about 10%, with approximately 2-3% deliveries in 2025, most arriving after 2026. - LPG order book: less than 5% deliveries in 2025; majority planned for 2026 and 2027. - The order book is considered rear-ended, meaning bulk of new deliveries occur beyond 2025. - Scrapping rates remain low, supporting strong fleet earnings. - Overall fleet growth is moderate with a 3% year-on-year increase; order books are significant but not alarming given old fleet size.

- No mention of any current or immediate plans for new equity fundraising; the last equity issuance was 30 years ago. - The Company continuously evaluates capital allocation but prefers investing in fleet renewal and expansion over buybacks. - Debt refinancing was done recently in the offshore business (March 2024) with floating rate exposure leading to higher interest costs. - Management expects that benchmark rates may decrease in the future, which could lower interest costs. - No plans indicated for listing of Greatship India Limited or similar subsidiaries. - Preference is to remain net cash and invest in assets rather than pursue buybacks or other forms of capital return at present.