The Great Eastern Shipping Company Limited — Investor Meet, 13-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Q4 profit fell YoY due to a ~INR 70 Cr impairment on new MR tankers and a sharp drop in tanker day rates (-33% for product, -$22,000/day for crude). LPG earnings improved on fixed contracts, while dry bulk suffered seasonally. NAV per share held near INR 1,400, supported by cash profits. Fleet renewal continues, but high asset prices delay fresh buys, aiming for ≥10% IRR. Order book: LPG 29%, product 21%, crude 11%, dry bulk 11%, with low scrapping despite aging rigs. Offshore rigs partly contracted at lower rates; new business from non-ONGC clients. Management stays cautiously optimistic, focusing on spot contracts (except LPG), operating performance, and cash preservation amid market uncertainty.