The Great Eastern Shipping Company Limited: In-Depth Corporate Profile

Quick Facts / Company Snapshot

Full Company Name: The Great Eastern Shipping Company Limited
Commonly Known As: GE Shipping / GESCO
Industry: Shipping and Offshore Oilfield Services
Founded: 1948
Headquarters: Ocean House, Worli, Mumbai, Maharashtra, India
Corporate Identity Number (CIN): L35110MH1948PLC006472
Chairman: Mr. K. M. Sheth
Deputy Chairman & MD: Mr. Bharat K. Sheth
Consolidated Revenue (FY25): ₹5,147.77 Crores
Consolidated Net Profit (FY25): ₹2,344.26 Crores
Total Assets (Consolidated FY25): ₹15,606.65 Crores
Net Worth (Consolidated FY25): ₹12,246.34 Crores
Total Fleet Size: 40 Vessels (Shipping) + Offshore Assets
Total DWT (Shipping Fleet): Approx. 3.20 Million DWT
Primary Shipping Segments: Crude Oil, Products, LPG, Dry Bulk
Offshore Subsidiary: Greatship (India) Limited (GIL)
Employees (Shore & Floating): Approx. 1,418 (Shore: 266, Floating: 1,862)
Listing: BSE Limited (500620), National Stock Exchange of India (GESHIP)
Statutory Auditors: Deloitte Haskins & Sells LLP
Registered Office Website: www.greatship.com

Company Overview

The Great Eastern Shipping Company Limited (GE Shipping) stands as India’s largest private sector shipping company, commanding a formidable presence in the international maritime industry for over seven decades. Established in 1948, the company has evolved into a major global player in the transport of crude oil, petroleum products, gas, and dry bulk commodities. Through its wholly-owned subsidiary, Greatship (India) Limited (GIL), it also maintains a significant footprint in the offshore oilfield services sector, supporting exploration and production activities.

GE Shipping operates with a mission to own and manage efficient ships with a commitment to zero spills and zero incidents, safeguarding life, cargo, and the environment. The company prides itself on its “high cash, low debt” strategy, maintaining a robust balance sheet that allows for disciplined capital allocation and resilience against market cyclicality. With a diversified fleet that includes crude and product tankers, LPG carriers, and dry bulk carriers, GE Shipping serves a global clientele, including major oil companies and refineries.

The company is ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certified, reflecting its adherence to the highest standards of Quality, Health, Safety, and Environment (QHSE). Beyond its commercial operations, the company runs the Great Eastern Institute of Maritime Studies (GEIMS), a premier maritime training institute in Lonavala, contributing to the development of skilled seafarers for the industry.

Business Segments

GE Shipping’s operations are broadly classified into two primary business segments: Shipping and Offshore.

1. Shipping Segment

This is the core business of the company, involved in the transportation of commodities via sea. The shipping segment operates a diverse fleet of vessels deployed in global trade.

Operational Scope: The fleet transports crude oil, petroleum products, liquefied petroleum gas (LPG), and dry bulk goods like coal, iron ore, and grain.
Fleet Profile (As of March 31, 2025):
- Crude Oil Tankers: 5 Vessels (Suezmax, Aframax)
- Product Tankers: 16 Vessels (Long Range One/Two, Medium Range)
- LPG Carriers: 5 Vessels (Very Large Gas Carriers, Medium Gas Carriers)
- Dry Bulk Carriers: 14 Vessels (Capesize, Kamsarmax, Supramax)
Segment Revenue (FY25): ₹3,957.85 Crores
Share of Total Revenue: 76.33%

2. Offshore Segment

Operated primarily through its subsidiary, Greatship (India) Limited (GIL), this segment provides services to the oil and gas industry for offshore exploration and production.

Operational Scope: This segment includes the operation of drilling rigs and offshore support vessels.
Assets:
- Jack-up Rigs: 4 Rigs (Greatdrill Chitra, Chetna, Chaaya, Chaaru)
- Offshore Support Vessels: 4 Platform Supply Vessels, 8 Anchor Handling Tug Supply Vessels, 2 Multipurpose Platform Supply & Support Vessels.
Segment Revenue (FY25): ₹1,227.21 Crores
Share of Total Revenue: 23.67%

History and Evolution

1948: The Great Eastern Shipping Company Limited was incorporated.
1970: Mr. K. M. Sheth was appointed as a Director.
2002: Greatship (India) Limited (GIL) was incorporated as a wholly-owned subsidiary to focus on offshore logistics and drilling services.
2006: GIL acquired its first drilling rig and expanded its support vessel fleet.
2014: Adoption of the CSR Policy and establishment of the Great Eastern CSR Foundation (now Great Eastern Foundation).
2023: Incorporation of GESHIPPING (IFSC) Limited in GIFT City, Gandhinagar, to engage in ship leasing and financial services.
2024-25: Continued fleet modernization strategy. The company took delivery of modern vessels like “Jag Riddhi” and “Jag Priyanka” while selling older assets like “Jag Pranam” and “Jag Pahel” to maintain fleet efficiency and reduce emissions.
2025: Celebrated the 20th Foundation Day of GEIMS, its maritime training institute.

Products and Services

1. Charter Hire

This is the largest revenue-generating service, involving the leasing of vessels and rigs to customers for a specific period (Time Charter) or for a specific voyage.

Nature: Providing vessels/rigs with crew and operational support to charterers.
Revenue (Consolidated FY25): ₹3,054.48 Crores
Share of Total Operating Revenue: 65.32%

2. Freight and Demurrage

This service involves the transportation of cargo where revenue is earned based on the quantity of cargo transported (Voyage Charter). Demurrage is earned when cargo operations exceed the agreed time.

Nature: Cargo transportation fees.
Revenue (Consolidated FY25): ₹1,220.31 Crores
Share of Total Operating Revenue: 26.10%

3. Other Operating Revenue

Includes ancillary services and miscellaneous operating income.

Revenue (Consolidated FY25): ₹25.42 Crores
Share of Total Operating Revenue: 0.54%

Brand Portfolio

The Great Eastern Shipping Co. Ltd. (Parent Brand): The master brand representing the shipping business.
Greatship: The brand used for the offshore services business, primarily under Greatship (India) Limited.
“Jag” Series: The company’s shipping vessels are distinctively named with the prefix “Jag” (e.g., Jag Leela, Jag Anand, Jag Riddhi).
“Greatdrill” Series: The offshore jack-up rigs are branded under this series (e.g., Greatdrill Chitra, Greatdrill Chetna).
“Greatship” Series: Offshore support vessels often carry this prefix (e.g., Greatship Aditi, Greatship Prachi).

Geographical Presence

The company’s vessels operate globally, trading in international waters. The revenue is categorized based on the location of the customers.

1. Outside India (International)

Markets Served: Global international waters, including trade routes in the Middle East, Far East, Europe, and the Americas.
Subsidiaries: Presence in Singapore (Greatship Global Offshore Services) and UAE (The Great Eastern Chartering LLC).
Revenue (Consolidated FY25): ₹2,511.81 Crores
Share of Revenue from Operations: 53.72%

2. Within India (Domestic)

Markets Served: Coastal trade within India and services provided to Indian oil and gas companies (e.g., ONGC).
Operations: Headquarters in Mumbai, with a registered office in Worli.
Revenue (Consolidated FY25): ₹2,164.41 Crores
Share of Revenue from Operations: 46.28%

The Great Eastern Shipping Company Limited ship

Financial Performance Analysis

The following analysis is based on the Consolidated Financial Statements for the financial year ended March 31, 2025.

Profit and Loss Analysis (Consolidated)

The company reported robust profitability driven by strong charter rates and efficient fleet operations.

Metric	FY 2024-25 (₹ Crores)	FY 2023-24 (₹ Crores)	YoY Change
Revenue from Operations	4,676.22	4,291.62	+8.96%
Other Income	471.55	557.47	-15.41%
Total Income	5,147.77	4,849.09	+6.16%
Fuel Oil and Water Expenses	401.00	477.65	-15.84%
Employee Benefits Expense	633.23	550.24	+15.08%
Finance Costs	225.42	203.65	+10.69%
Depreciation & Amortisation	517.27	620.06	-16.57%
Total Expenses	2,594.19	2,773.71	-6.45%
Profit Before Tax (PBIT)	2,553.58	2,075.38	+23.04%
Tax Expense	209.32	(538.80)	N/A
Net Profit for the Year	2,344.26	2,614.18	-10.32%
Basic EPS (₹)	163.20	177.11	-7.85%

Key Insights:

Operating Efficiency: Despite revenue growth, total expenses decreased, primarily due to lower fuel costs and depreciation.
Margin Strength: The Net Profit margin remains healthy at approximately 45.5%.

Balance Sheet Analysis (Consolidated)

The company maintains a “fortress balance sheet” with significant liquidity and manageable debt.

Particulars	As at 31-Mar-2025 (₹ Crores)	As at 31-Mar-2024 (₹ Crores)
Total Assets	15,606.65	14,560.50
Non-Current Assets	9,430.00	9,516.46
– Property, Plant and Equipment	5,304.23	6,010.17
– Financial Assets	2,348.51	1,940.54
Current Assets	6,176.65	5,044.04
– Cash & Cash Equivalents	3,111.95	2,764.55
– Bank Balances (Other)	1,323.55	1,304.16
Total Equity	12,246.34	10,346.41
– Equity Share Capital	142.77	142.77
– Other Equity	12,103.57	10,203.64
Total Liabilities	3,360.31	4,214.09
– Borrowings (Non-Current)	1,364.55	2,306.61
– Borrowings (Current)	667.28	527.71

Key Insights:

Liquidity: The company holds substantial cash and bank balances totaling ₹4,435.50 Crores.
Debt Reduction: Long-term borrowings decreased significantly from ₹2,306.61 Cr to ₹1,364.55 Cr.
Net Worth: Net worth increased to ₹12,246.34 Crores, reflecting strong retained earnings.

Cash Flow Analysis (Consolidated)

Particulars	FY 2024-25 (₹ Crores)	FY 2023-24 (₹ Crores)
Net Cash from Operating Activities	2,536.75	2,505.04
Net Cash from Investing Activities	(691.14)	(813.57)
Net Cash from Financing Activities	(1,564.02)	(1,440.14)
Net Increase in Cash & Cash Equiv.	347.37	251.33

Operating Cash Flow: Strong cash generation of over ₹2,500 Crores indicates robust core business operations.
Financing: Significant cash outflow in financing activities is due to debt repayment and dividend payouts (₹501.11 Cr).

Board of Directors and Leadership Team

Executive Directors

Mr. Bharat K. Sheth (Deputy Chairman & Managing Director): A key figure in the company, holding the position since 1989. He oversees the strategic direction and management of the shipping business.
Mr. G. Shivakumar (Executive Director & CFO): Responsible for the financial health, reporting, and strategic financial planning of the company. Joined the board in 2014.

Non-Executive Directors (Promoters)

Mr. K. M. Sheth (Chairman): The veteran leader of the group, associated with the company since 1970.
Mr. Ravi K. Sheth: Non-Executive Director. He plays a pivotal role in the offshore business through Greatship (India) Limited.

Independent Directors

Mr. Berjis Desai: Legal expert and Non-Executive Director.
Mrs. Bhavna Doshi: Independent Director with financial expertise.
Mrs. Kalpana Morparia: Appointed w.e.f. November 14, 2024.
Mr. Keki Mistry: Renowned financial expert.
Mr. Raju Shukla: Independent Director.
Mr. Ranjit Pandit: Independent Director.
Mr. T. N. Ninan: Independent Director.
Mr. Uday Shankar: Independent Director.
Mr. Amitabh Kumar: Appointed as Additional Independent Director w.e.f January 28, 2025.

Key Management Personnel (KMP)

Mr. Anand Punde: Company Secretary.
Mr. Jayesh Trivedi: President (Secretarial & Legal).
Mr. Ankit Dahanukar: Head (Internal Audit).

Subsidiaries, Associates, and Joint Ventures

The company has several subsidiaries, primarily to manage its offshore business and international operations.

1. Greatship (India) Limited (GIL)

Ownership: 100%
Role: The primary subsidiary for offshore oilfield services.
Revenue (FY25): ₹1,130.80 Crores (Standalone) / ₹1,227.21 Crores (Consolidated)
Profit Before Tax (FY25): ₹376.62 Crores
Significance: Owns and operates the offshore fleet including jack-up rigs and support vessels.

2. The Greatship (Singapore) Pte. Ltd.

Ownership: 100%
Role: Singapore-based subsidiary for offshore operations.
Net Profit (FY25): SGD 58,235

3. The Great Eastern Chartering LLC (FZC)

Ownership: 100%
Location: UAE
Role: Chartering services.
Net Loss (FY25): USD 3.66 Million

4. The Great Eastern Chartering (Singapore) Pte. Ltd.

Ownership: 100%
Role: Wholly owned subsidiary of The Great Eastern Chartering LLC.
Net Profit (FY25): USD 1.01 Million

5. Great Eastern Services Limited

Ownership: 100%
Status: In the process of voluntary liquidation/striking off.

6. GESHIPPING (IFSC) Limited

Ownership: 100%
Incorporation: May 2024 in GIFT City, Gandhinagar.
Role: Ship leasing and financial services.
Investment: The company invested ₹50 Crores in equity during the year.

7. Great Eastern Foundation

Ownership: 100%
Role: CSR arm of the group.
Contribution Received (FY25): ₹34.90 Crores

Physical Properties

Registered Office: Ocean House, 134/A, Dr. Annie Besant Road, Worli, Mumbai 400018.
Training Institute: Great Eastern Institute of Maritime Studies (GEIMS) located in Lonavala, Maharashtra. This facility trains cadets and is a key source of talent for the company.
Shipping Fleet: The company owns 40 vessels aggregating to 3.20 million DWT.
Offshore Fleet: Includes 4 Jack-up Rigs and 14 Offshore Support Vessels.

Segment-wise Performance

Shipping Segment

Revenue: Decreased from ₹4,166.52 Crores (FY24) to ₹3,957.85 Crores (FY25).
Segment Result (PBIT): Decreased to ₹2,165.45 Crores in FY25 from ₹2,677.86 Crores in FY24.
Performance Drivers: While freight markets remained healthy, there was a moderation in earnings compared to the previous year’s highs.

Offshore Segment

Revenue: Increased from ₹1,080.72 Crores (FY24) to ₹1,227.21 Crores (FY25).
Segment Result (PBIT): Increased to ₹254.42 Crores in FY25 from ₹226.11 Crores in FY24.
Performance Drivers: Improved repricing of rigs and higher utilization of support vessels contributed to revenue growth.

Founders

The Great Eastern Shipping Company was founded by the Sheth family and the Bhiwandiwalla family in 1948.
Vasant J. Sheth played a pivotal role in the early years of the company.
The legacy is continued by Mr. K. M. Sheth (Chairman) and Mr. Bharat K. Sheth (Deputy Chairman & MD).

Shareholding Pattern

As of March 31, 2025:

Promoters & Promoter Group: 30.07% (Includes holdings by Mr. Bharat K. Sheth, Mr. Ravi K. Sheth, and family trusts).
Public Institutions:
- Foreign Portfolio Investors (FPIs): 25.43%
- Financial Institutions/Banks: 14.90%
Public Non-Institutions:
- Individuals: 26.34%
- Bodies Corporate: 2.17%
- NRIs: 1.09%

Investments and Capital Expenditure Plans

Capex (FY25): The company incurred capital expenditure of approximately USD 34.16 Million (₹284 Crores approx.) in FY25.
Future Commitments: Estimated amount of contracts remaining to be executed on capital account not provided for is ₹15.55 Crores.
R&D Investments: Spent USD 42,348 on R&D initiatives focusing on decarbonization technologies like adaptive autopilots and ultrasonic propeller protection.
Investments in Subsidiaries: Invested ₹50.00 Crores in the equity shares of the newly incorporated GESHIPPING (IFSC) Limited.
Technology: Significant investment in digital transformation, cloud technologies, and IT modernization under the “Rise with SAP” program.

Future Strategy

Fleet Modernization: The company continues to sell older, less efficient vessels and acquire modern tonnage to maintain fleet efficiency and meet environmental regulations.
Decarbonization: Committed to IMO’s greenhouse gas reduction targets. Strategy includes installing energy-saving devices (MEWIS Ducts, Redesigned Propellers) and exploring alternative fuels like biofuels.
Offshore Expansion: With the offshore cycle turning positive, the company aims to maximize utilization and day rates for its rigs and vessels.
Financial Discipline: Maintain a “fortress balance sheet” with high liquidity to navigate shipping cycles and seize asset acquisition opportunities during market downturns.

Key Strengths

Market Leadership: India’s largest private sector shipping company with a diversified fleet.
Financial Health: Low leverage (Net Debt to Equity ratio of -0.42) and high cash reserves (₹4,435 Crores).
Diversified Revenue Stream: Balanced exposure to crude, product, gas, and dry bulk markets, plus a stable offshore business.
Operational Excellence: Strong safety record and efficient fleet management with ISO certifications.
Dividends: Consistent dividend payer, declaring four interim dividends in FY25 totaling ₹33.30 per share.

Key Challenges and Risks

Market Volatility: Freight rates and asset values are highly cyclical and volatile.
Geopolitical Risks: Conflicts (e.g., Russia-Ukraine, Red Sea) impact trade routes, insurance costs, and supply chains.
Regulatory Risks: Strict environmental regulations (IMO norms, EU-ETS) regarding emissions require significant capex for compliance.
Operational Risks: Risks of accidents, oil spills, and piracy (mitigated through insurance and safety protocols).
Currency Risk: Significant exposure to foreign exchange fluctuations, primarily USD/INR.

Conclusion and Strategic Outlook

The Great Eastern Shipping Company Limited has demonstrated resilience and strategic foresight in FY 2024-25. Despite a moderation in shipping freight rates from previous highs, the company delivered a strong financial performance with a consolidated net profit of ₹2,344 Crores. The turnaround in the offshore sector provides an additional growth engine.

Looking ahead, GE Shipping is well-positioned to capitalize on market opportunities due to its strong liquidity and low debt. The management’s focus on fleet modernization and decarbonization aligns with global maritime trends, ensuring long-term sustainability. The strategic entry into GIFT City through GESHIPPING (IFSC) Limited opens new avenues for financial efficiency and asset leasing. With a disciplined approach to capital allocation and a commitment to shareholder value, GE Shipping remains a bellwether in the Indian maritime industry.

Official Site: The Great Eastern Shipping Company Limited

FAQs

What is the total revenue of The Great Eastern Shipping Company for FY 2024-25? The consolidated total income for FY 2024-25 was ₹5,147.77 Crores, with revenue from operations standing at ₹4,676.22 Crores.
What constitutes the fleet of GE Shipping? As of March 31, 2025, the fleet consists of 40 vessels including Crude Oil Tankers, Product Tankers, LPG Carriers, and Dry Bulk Carriers, along with offshore assets like Jack-up Rigs managed by its subsidiary.
Does GE Shipping have any subsidiaries? Yes, its primary subsidiary is Greatship (India) Limited (GIL), which operates the offshore business. It also has subsidiaries in Singapore, UAE, and the newly incorporated GESHIPPING (IFSC) Limited in GIFT City.
Who are the key leaders of The Great Eastern Shipping Company? The company is led by Mr. K. M. Sheth (Chairman) and Mr. Bharat K. Sheth (Deputy Chairman & Managing Director).
What is the net worth of GE Shipping? The consolidated net worth of the company as of March 31, 2025, is ₹12,246.34 Crores.