The Great Eastern Shipping Company Limited has announced the acquisition of a secondhand Medium Range Tanker, marking another strategic expansion of its maritime fleet. The company contracted to purchase the vessel on April 1, 2026, as part of its ongoing fleet enhancement strategy.

Vessel Acquisition Details

The newly acquired tanker represents a significant addition to the company's existing fleet capabilities. Key specifications and transaction details are outlined below:

The acquisition will be financed entirely from internal accruals, demonstrating the company's strong financial position and cash generation capabilities. The vessel is expected to join the company's operational fleet during Q1 FY27.

Current Fleet Composition

The Great Eastern Shipping Company operates a diversified fleet across multiple vessel categories. The current owned fleet stands at 40 vessels, aggregating 3.20 mn dwt with close to 100% capacity utilization.

Fleet Breakdown by Category

Tanker Fleet (26 vessels):

• 5 Crude Tankers
• 17 Product Tankers
• 4 LPG Carriers

Dry Bulk Carrier Fleet (14 vessels):

• 2 Capesize
• 9 Kamsarmax
• 1 Ultramax
• 2 Supramax

Additional Fleet Expansion

Beyond the Medium Range Tanker acquisition, the company has contracted to purchase one secondhand Kamsarmax Dry Bulk Carrier. This additional purchase transaction is expected to be completed in Q1 FY27, further strengthening the company's dry bulk carrier segment.

Strategic Implications

The acquisition aligns with the company's fleet expansion strategy, particularly given the current high capacity utilization of close to 100%. The addition of the Medium Range Tanker will enhance the company's product tanker capabilities and provide additional revenue-generating capacity in the tanker segment. The financing through internal accruals reflects prudent capital management and the company's ability to fund growth organically.

The Great Eastern Shipping Company Limited has published its postal ballot notice in newspapers under Regulation 30 compliance, seeking shareholder approval for the re-appointment of Mrs. Bhavna Doshi as Independent Director for a second term.

Regulatory Compliance and Publication

The company has fulfilled its regulatory obligations by publishing the postal ballot notice in leading newspapers as required under SEBI Listing Regulations. The publication details are as follows:

Postal Ballot Timeline and Process

The company has established a comprehensive timeline for the postal ballot process to ensure transparent shareholder participation:

Shareholders whose names are recorded in the Register of Members or Register of Beneficial Owners maintained by Depositories as on the cut-off date will be entitled to participate in the remote e-voting process.

Director Profile and Governance Experience

Mrs. Bhavna Doshi, aged 72 years, brings extensive professional expertise as the founding partner of Bhavna Doshi Associates LLP and former Senior Advisor to KPMG India. Her qualifications include:

• Professional Background: Chartered Accountant with Master's degree in Commerce from University of Mumbai
• Experience: Over 30 years providing advisory services to diversified business groups
• Specialization: Taxation, corporate restructuring, accounting, assurance, and consulting
• Current Responsibilities: Chairperson of Corporate Social Responsibility Committee and member of Audit Committee

Board Participation Performance

During financial year 2025-26, Mrs. Doshi demonstrated exceptional commitment with perfect attendance across all board activities:

Age-Related Regulatory Compliance

The postal ballot addresses specific regulatory requirements under the Companies Act, 2013 and SEBI Listing Regulations. Since Mrs. Doshi will attain 75 years of age on June 26, 2028 during her proposed second term, the company seeks special resolution approval as mandated by Regulation 17(1A) of the Listing Regulations for non-executive directors above 75 years.

Remuneration Structure

For financial year 2024-25, Mrs. Doshi received total remuneration of Rs. 27.30 lakhs, comprising sitting fees of Rs. 8.00 lakhs and commission of Rs. 19.30 lakhs. For the current financial year 2025-26, she has received sitting fees of Rs. 9.00 lakhs and remains eligible for commission as per the company's remuneration policy.

Voting Process and Oversight

The Nomination and Remuneration Committee recommended Mrs. Doshi's re-appointment at its meeting held on March 16, 2026, noting her noteworthy performance and immense value to the company. The Board of Directors subsequently approved this recommendation on the same date. Ms. Ashwini Inamdar and Ms. Alifiya Sapatwala from Mehta & Mehta, Company Secretaries, have been appointed as Scrutinizers for the postal ballot process to ensure fair and transparent voting.