Great Eastern Shipping : 76th Annual Report FY2023-24

Chairman's Statement

My fellow shareholders,

Since my last letter to you, the world has been increasingly challenged by geopolitical uncertainties. The war between Russia and Ukraine continues unabated with countless lives lost. Since early October 2023, we have seen enhanced hostility between Israel and Palestine, which too has led to multiple loss of lives. The continuance of this hostility has now spread to Red Sea transits where ships are being targeted with drone attacks. This stretch is an important artery for global shipping, with between 5% and 20% of trade moving through the year, depending on the sector.

More often than not, this unsettling landscape disrupts shipping routes, often leading to a rise in freight rates. We have seen this happen again, with many maritime sectors benefiting from this disruption.

Specific to us, the financial year 2023-24 was another strong year, and we reported our highest ever consolidated profit of J 2614 crores. For the second consecutive year we reported a return on equity in excess of 20%! We also declared a dividend per share of J 28.80. To commemorate our completion of 75 years in the business, we further declared a special dividend of J 7.50 per share. This makes the total divided for the year at J 36.30 per share, the highest ever!

A more detailed analysis of the shipping markets, as well as the offshore oil and gas markets, is provided in the management commentary.

The nature of our business compels us to being price takers, and therefore, our performance is determined by extraneous factors beyond our control. So, whilst it is satisfying for me to talk about our highest ever profits for the year, it is eventually determined by reasons I have stated above.

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Let me now focus on areas which are directly in our control and help build our brand with our customers. These include our safety record, our unplanned downtime, our maintenance of ships, and our audit record, be it by customers or by multiple regulators. This year, I am particularly happy and proud to report that in each of these areas, we have excelled and provided our best ever performance. I am particularly proud of our teams in our offices as well as on our assets, as this has been achieved on an ageing fleet.

As many of you know, we more often than not buy secondhand ships as opposed to building new ones. To acquire these secondhand vessels, we inspect multiple ships before determining any acquisition. It is this exercise that leads me to believe that our ships are better maintained than most owners in the world. This not only enhances our brand, but importantly shows that an Indian company and Indian seafarers can run the finest ships globally. What is true of our shipping assets is also true of our offshore assets. On the next page, we have shared some of

Feedback from customers and others

Master, Jag Aalok "PSC inspectors have appreciated the housekeeping, safety 8-year-oldbulk carrier, after PSC inspection at Rouen, France culture and our company's contribution for maintaining such

standards. They have stated they were not aware that Indian flag vessels are maintaining such high standards. They took details of our company including no. of ships and our MDs name."

the appreciative letters sent by our customers and others!

A lot of what we are achieving is due to our emphasis on training our seafarers. Towards this, we have created an excellent institute in Lonavala, where every year we train close to 400 boys and girls who wish to pursue a maritime career. In addition, this facility also continuously enhances the skills of the more experienced set of seafarers.

Another area where we are particularly proud is our commitment to enhancing the lives of those who are less fortunate. Since we first set up our corporate social responsibility foundation, we have disbursed about J 94 crores, directly impacting the lives of more than 3 lakh people across the country. Over these years, our efforts have spread from just urban locations to some of the remotest villages of India, particularly the Northeast, an area often neglected. We take this responsibility as seriously as we take the responsibility of maintaining our assets to the highest standards.

Finally, we continue to set the bar higher. It will be upto our Company's resilience, and our thousands of employees, to collectively and individually meet this challenge as we serve our clients and our community.

United States Coast Guard on Jag Pooja

19-year-old product oil tanker in New York

Vetting inspector on Jag Pranam

20-year-old product oil tanker at Mumbai Port

Chevron Vetting inspector on Jag Leela

13-year-old crude oil tanker at Cartagena, Spain

"Vessel's hygienic condition, Living condition is excellent and well organised."

"Very impressed with the deck and engine room condition. The vessel defies her age."

"The internal spaces and storerooms were maintained in a tidy condition with a high standard of housekeeping being maintained throughout. The accommodation spaces including the food handling and preparation areas were maintained in a clean and hygienic condition."

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With warm regards,

K. M. Sheth

Chairman

Mumbai, May 10, 2024

He who commands the sea has command of everything.

Themistocles (Athenian politician, c. 450 BCE)

Executive Director, EOA/HPHT Assets, ONGC	"Everything maintained in an excellent fashion ; Great
Re : PSV Greatship Prachi Teamwork. Keep up doing the good work for ONGC."
Chief General Manager (Production), ONGC	"This is the first time in the NH Asset that surface casings
Re : Jackup Rig Greatdrill Chaaya have been repaired below the spider deck which gave 3
	healthy wells of HS platform. Further it will give a way forward
	to repair such wells and also a positive impact for cost
	savings…We are truly delighted by the level of commitment
	and professionalism demonstrated by your team."
Marine Operations, Chevron	"Operations were performed safely. Handling of tow gear and
Re: AHTSV Greatship Vimla connections were performed efficiently and as per procedures."
Operations SPV, ENI	"Vessel was requested to be long time in DP while connected and
Re : WSV Greatship Ramya	it performed very well despite weather / sea condition changes."

StatementChairman's

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Board of

Directors

Mr. K.M. Sheth	Mrs. Rita Bhagwati	Dr. Shankar N. Acharya
Chairman

Mr. Bharat K. Sheth

Deputy Chairman &

Managing Director

Mr. Berjis Desai

Mr. Shivshankar Menon

Mr. T. N. Ninan

Mrs. Bhavna Doshi

Mr. Keki Mistry

Mr. Uday Shankar

Mr. Ravi K. Sheth

Mr. Raju Shukla	Mr. Ranjit Pandit	Mr. Tapas Icot	Mr. G. Shivakumar
Executive Director	Executive Director & CFO

Board of Directors

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Committees

Contents

Audit Committee	Mr. T. N. Ninan, Chairman
	Mr. Berjis Desai
	Mrs. Bhavna Doshi
	Mr. Raju Shukla
	Mrs. Rita Bhagwati
Nomination &	Dr. Shankar N. Acharya, Chairman
Remuneration	Mr. Berjis Desai
Mr. Raju Shukla
Committee
Mrs. Rita Bhagwati
	Mr. Uday Shankar
Risk Management	Mr. Bharat K. Sheth, Chairman
Committee	Mrs. Rita Bhagwati
Dr. Shankar N. Acharya
	Mr. Shivshankar Menon
	Mr. T. N. Ninan
	Mr. G. Shivakumar
Stakeholders'	Mr. Shivshankar Menon, Chairman
Relationship	Mr. Bharat K. Sheth
Mr. G. Shivakumar
Committee

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Company Secretary	Mr. Anand Punde
Registered Office	Ocean House
	134/A, Dr. Annie Besant Road,
	Worli, Mumbai 400 018
	CIN: L35110MH1948PLC006472
	Tel.: [phone]
	Fax: [phone]
	Email: [e-mail]
	(Investor Relations)
	[e-mail]
	(Institutional Investor Relations)
	Web: www.greatship.com
Auditors	Deloitte Haskins
	& Sells LLP
	Chartered Accountants
	One International Centre,
	Tower 3, 27th-32nd Floor,
	Senapati Bapat Marg,
	Elphinstone Road (West),
	Mumbai- 400013
Share Transfer Agent	KFin Technologies
	Limited
	Unit: The Great Eastern
	Shipping Co. Ltd.
	Selenium Tower-B, Plot No
	31 - 32, Financial District,
	Nanakramguda, Serilingampally,
	Gachibowli, Hyderabad
	- 500 032, Telangana
	Toll free number: 1-800-309-4001
	Email: [e-mail]
	Web: www.kfintech.com

Corporate Social Responsibility	8
ESG Report	24
Financial Highlights (Standalone)	40
Financial Highlights (Consolidated)	41
The Year at a Glance	42
5 Years at a Glance	43
Board's Report	44
Corporate Governance Report	88
Business Responsibility and Sustainablity Report	118
Asset Profile	154
Auditor's Report	162
Standalone Financial Statements	172
Statement pertaining to Subsidiaries	230
Consolidated Financial Statements	231

Contents2024

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Corporate Social

Responsibility

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76th Annual Report 2023-2024 Corporate Social Responsibility

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The Great Eastern CSR Foundation (GECSRF) was established with the goal of positively addressing various socio-economic and environment issues under the three categories

• Education, Health and Livelihood Development, creating maximum value for marginalised populations and underserved communities in India.

The fiscal year 2023-24 marked a significant year for GECSRF, characterised by substantial growth and notable portfolio expansion. This growth was primarily driven by increased funding from the Company, enabling the onboarding of new NGO partners and supporting new projects addressing challenging issues.

Additionally, efforts were made to identify geographies with limited access to CSR funds, leading to expansion into new underserved regions across India.

Corporate2024 ResponsibilitySocial

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Co. Ltd.

Here's an overview of our partnerships and activities during the year:

Partners

Multi-lingual project in government schools to improve learning outcomes for students from tribal families in Dungarpur, Rajasthan.

In FY 2023-24, GECSRF supported a total of 28 NGOs.

While continuing support for 17 NGO partners working in Rajasthan, Gujarat, Chhattisgarh, Kashmir, Ladakh, Delhi, Assam, Manipur, Arunachal Pradesh, Odisha and Tamil Nadu, 11 new partners were onboarded. This extended our geographical reach to Bihar, Uttar Pradesh, Maharashtra, West Bengal, Meghalaya and Tripura. GECSRF is currently supporting 28 projects in 17 states in India.

Empowering women weavers and artisans with skills to revive and promote local handloom micro-enterprises in Majuli island, Assam.

Project Field Visits

CSR team field visit in the tribal belt of Mayurbhanj, Odisha.

The team conducted in-person meetings with NGO partners and other stakeholders in the sector. Program monitoring and evaluation field visits were carried out for ongoing projects, along with due diligence visits to identify potential partners. These visits aimed to review project progress, interact with beneficiaries, and understand the impact of interventions.

-2024 Corporate Social Responsibility

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Building capacities of community health personnel and ASHA workers to detect and reduce malnutrition in women and children in Kargil, Ladakh.

Collaborative learning and sharing

GECSRF organised its Annual CSR Event on the 9th of February 2024, at Ocean House, Mumbai. The event brought together founders and leaders from partner NGOs, along with the management and senior leadership of Great Eastern Shipping and Greatship (India) Limited. It provided a platform for NGO leaders to share project updates with senior leaders from The GES Group, as well as an opportunity to network, exchange ideas, share best practices, experiences and explore partnerships.

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CSR Talk Sessions	1. CSR talk session at Great Eastern Shipping: The first session took place in September
	2023 at Ocean House, Mumbai. Mr. S. Balakrishnan, a Senior Leader from Vrutti, was
	the invited speaker. Since April 2023, GECSRF has partnered with Vrutti to uplift the
	lives of 3,000 small and marginal farmers in Kanker and Balod districts in Chhattisgarh.
	Mr. Balakrishnan presented insights on the realities of small farmers, their livelihood
	practices, and updates on how the project supported by GECSRF can benefit them,
	including increasing their output, improving produce quality, establishing market
	linkages, and boosting their incomes. The session concluded with an engaging session
	of questions and answers with the audience.

The session was motivating, as the speakers shared their journey and the challenges they overcame to succeed at the global level. Simran, as a para-athlete with visual impairment, set a remarkable example of self-belief, hard work, dedication, and discipline, proving that with support, one can achieve the seemingly impossible.

Tajinderpal Singh Toor (Athletics),

Gold Medalist in Men's Shot Put.

The Great Eastern Shipping Co. Ltd.

CSR talk session by Mr. S. Balakrishnan from Vrutti at Ocean House, Mumbai.

2. An online talk session with Asian Games athletes hosted by GESCO HR team: GECSRF funds the Olympic Gold Quest (OGQ) program aimed at training and supporting athletes and para-athletesto win Olympic medals. In November 2024, two OGQ-supportedathletes who won in the Asian Games 2023 were invited as inspirational speakers for an online session with GESCO employees.

Simran Sharma, Para athletics (visually impaired), Silver Medalist in T12 100m.

3. Employee Engagement session: The CSR team conducted a virtual session in March 2024 for all employees from Great Eastern Shipping, Greatship (India) Limited and seafarers to raise awareness about the CSR mandate and GECSRF's journey since 2015. Around 200 employees attended the session, which also highlighted ongoing projects across 17 states in India, focusing on health, education, and livelihoods. This initiative aimed not only to strengthen the company's commitment to social responsibility but also to instil the idea of individual responsibility and encourage active employee participation in future volunteering opportunities.

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Key highlights of the year are provided below:

Thematic Areas Of Focus

GECSRF continues to prioritise and focus on three sectors: Education, Health and Livelihood Development.

I. EDUCATION

GECSRF is committed to supporting initiatives that aim to improve the quality of education, with a focus on building capacities of teachers and educators.

Our partners under the Education sector for the year 2023-24 include:

Responsibility

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1. Adhyayan Quality Education Foundation (AQEF)
2. Alumni Association of College of Engineering 1990, Guindy (AACEG)
3. ATMA Education
4. Collective Good Foundation in partnership with Erehwon
5. Educational Initiatives/Give India
6. Karadi Cultural Alliance Trust (KCAT)
7. Language and Learning Foundation (LLF)
8. LearnHill Foundation
9. Saajha
10. Ummeed Child Development Center
11. Vision Empower Trust

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