Great Eastern Shipping Company , a prominent player in the Indian shipping industry, held its 77th Annual General Meeting (AGM) on August 1, 2025, marking significant changes in its leadership and governance structure.

Key Reappointments

The shareholders approved several crucial reappointments during the AGM:

• Mr. Ravi K. Sheth was re-appointed as a Director, retiring by rotation. Mr. Sheth, who holds a Bachelor's degree in Commerce and an MBA from the USA, has been associated with the company since July 1990.

• Mr. Shivshankar Menon, a distinguished diplomat and former National Security Advisor to the Prime Minister of India, was re-appointed as an Independent Director for a second term of five years, effective August 2, 2025.

• Mr. Bharat K. Sheth, who joined the company in 1981 and has served as Managing Director since 1999, was re-appointed as Managing Director for a period of five years, effective April 1, 2026.

• Mr. G. Shivakumar, a management graduate from IIM Ahmedabad who joined the company in 1990, was re-appointed as Executive Director for five years, effective November 14, 2025.

Alteration of Articles of Association

In a significant move, the company altered Article 92(1) of its Articles of Association. The amendment exempts Mr. Bharat K. Sheth from retirement by rotation as long as he continues to be a Director of the company. This change underscores the company's commitment to maintaining continuity in its top leadership.

Other Key Decisions

• The AGM approved the appointment of M/s. Mehta & Mehta, Company Secretaries, as Secretarial Auditors for a term of five financial years, starting April 1, 2025.

• Shareholders also accorded consent for Ms. Nirja Sheth to hold and continue to hold an office or place of profit in the company for five financial years, effective April 1, 2025.

Voting Results

The resolutions passed at the AGM received overwhelming support from shareholders:

The AGM, conducted through video conferencing, lasted from 3:00 p.m. to 3:59 p.m., reflecting the company's adaptation to modern meeting practices.

These decisions indicate Great Eastern Shipping's focus on maintaining strong leadership and governance structures as it navigates the complex waters of the global shipping industry.

Great Eastern Shipping Company Limited (GE Shipping) has announced its financial results for the first quarter, demonstrating resilience in challenging market conditions. The company reported a consolidated net profit of Rs 505.00 crore for Q1, showcasing its ability to navigate the volatile shipping industry.

Financial Highlights

• Consolidated revenue for Q1 stood at Rs 1,337.00 crore, compared to Rs 1,703.00 crore in the same quarter last year.
• EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was reported at Rs 778.00 crore.
• The company declared an interim dividend of Rs 7.20 per equity share, continuing its streak of quarterly dividend payments for the 14th consecutive quarter.
• Consolidated Net Asset Value (NAV) per share reached Rs 1,431.00 as of June 30.

Segment Performance

The company's two main business segments showed mixed results:

Shipping Segment

• Revenue: Rs 994.21 crore
• Segment Results: Rs 378.55 crore

Offshore Segment

• Revenue: Rs 350.41 crore
• Segment Results: Rs 125.95 crore

Strategic Moves and Future Outlook

GE Shipping continues to focus on maintaining double-digit returns by strengthening cash flows and upgrading its fleet. The company is actively pursuing growth opportunities while navigating challenging global freight market conditions that remain weak.

In a significant development, the company has contracted to buy a Kamsarmax Dry Bulk Carrier built in 2015, scheduled for delivery in the third quarter. This acquisition aligns with the company's strategy of fleet modernization and expansion.

Financial Management

The company's board has approved granting a term loan of up to Rs 425.00 crores to its wholly-owned subsidiary, Greatship (India) Limited (GIL). This loan will enable GIL to prepay its existing External Commercial Borrowing facility of USD 70.9 million, which is expected to result in substantial savings at the group level.

Market Position and Shareholder Value

As of June 30, the company's shareholding pattern shows:

The company's focus on shareholder value is evident from its consistent dividend payouts and efforts to maintain a strong balance sheet.

Great Eastern Shipping's performance in Q1 demonstrates its ability to generate profits and maintain financial stability despite challenging market conditions. The company's strategic fleet upgrades, focus on cash flow management, and proactive financial decisions position it well for future growth in the global shipping industry.