Great Eastern Shipping Company has announced significant changes to its credit ratings profile, with CRISIL Ratings Limited providing updates on the company's Non-Convertible Debentures (NCDs). The shipping major informed stock exchanges about the rating agency's decision to withdraw ratings on certain debentures while reaffirming others.

Rating Withdrawal and Reaffirmation Details

CRISIL has taken a dual approach regarding Great Eastern Shipping's NCD portfolio. The rating agency withdrew its rating on Rs. 450.00 crore worth of Non-Convertible Debentures due to their full redemption. Simultaneously, CRISIL reaffirmed its AAA/Stable rating on the remaining Rs. 1,050.00 crore debentures, maintaining the highest credit quality assessment.

Regulatory Compliance and Communication

The company communicated these developments to both BSE Limited and National Stock Exchange of India Limited on February 23, 2026. This disclosure was made pursuant to Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with stakeholders regarding material rating changes.

Impact on Debt Portfolio

The rating actions result in a reduction of Great Eastern Shipping's total rated NCD portfolio from Rs. 1,500.00 crore to Rs. 1,050.00 crore. The withdrawal reflects the successful completion of debt obligations through full redemption, while the reaffirmation of the AAA/Stable rating on remaining debentures indicates CRISIL's continued confidence in the company's creditworthiness.

Corporate Communication

Company Secretary Anand Punde signed the official communication to stock exchanges, emphasizing the company's commitment to maintaining transparent disclosure practices. The notification ensures that investors and market participants remain informed about all material developments affecting the company's credit profile and debt instruments.

Great Eastern Shipping Company announced significant corporate developments during its Board of Directors meeting held on January 29, 2026, followed by a comprehensive investor presentation on February 2, 2026. The company showcased its robust financial position and diversified fleet operations to analysts and investors.

Financial Results and Dividend Declaration

The Board of Directors considered and approved the unaudited financial results for the quarter ended December 31, 2025. These provisional results were accompanied by a Limited Review Report and Security Cover Certificate, with the company confirming that the results will be published in newspapers as required by regulatory guidelines.

Fleet Profile and Operations

The company operates a diversified fleet of 40 vessels with a total deadweight tonnage of 32,02,836 and an average age of 14.68 years. The fleet composition demonstrates the company's strategic positioning across multiple shipping segments.

The company also maintains an offshore fleet comprising 23 vessels including jack-up rigs, platform supply vessels, and anchor handling tug cum supply vessels with an average age of 15.47 years.

Strong Financial Performance

The investor presentation highlighted the company's transformation from peak net debt of USD 361 million to a net cash position of USD 574 million. Key financial metrics demonstrate robust performance across multiple parameters.

Governance Enhancement

In a move to strengthen its governance framework, the company designated Mr. Ranjit Pandit as Lead Independent Director effective January 29, 2026. This appointment reflects the company's commitment to enhancing its corporate governance standards and independent oversight mechanisms.

Regulatory Compliance and Communication

The announcements were made in compliance with Regulation 30 and 33 requirements, with formal communications sent to both BSE and NSE. The official communications were signed by Company Secretary Anand Punde, maintaining the company's commitment to transparency and regulatory compliance.