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Great Eastern Shipping Company Ltd.

BSE: 500620 | NSE: GESHIP |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE017A01032 | SECTOR: Shipping

BSE Live

Jul 09, 10:31
213.00 1.50 (0.71%)
Volume
AVERAGE VOLUME
5-Day
5,589
10-Day
39,166
30-Day
23,233
729
  • Prev. Close

    211.50

  • Open Price

    210.10

  • Bid Price (Qty.)

    212.75 (6)

  • Offer Price (Qty.)

    213.20 (16)

NSE Live

Jul 09, 10:31
213.00 1.70 (0.80%)
Volume
AVERAGE VOLUME
5-Day
229,956
10-Day
260,242
30-Day
453,646
11,357
  • Prev. Close

    211.30

  • Open Price

    214.70

  • Bid Price (Qty.)

    212.85 (29)

  • Offer Price (Qty.)

    213.20 (40)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Chairman's Speech

My fellow shareholders,

Let me begin this letter by remembering all the Company’s past directors and employees, as this is a special year; on 3rd August 2018, your Company celebrates its 70th year. In an industry known for its excessive volatility, and where many crumble to the vagaries of the market, our record is one of which we can be justifiably proud. For those investors who invested in the Company at the outset, and stood by us through thick and thin, their investment has compounded at between 17 and 21%, depending on the method of calculation. Few of our peers globally can compare with this return over these many years. Having said this, I am confident that your team can do better in the years ahead. I say this because as a Company the management spends considerable time understanding and dwelling over our mistakes to ensure that they are not repeated again. Shipping as an industry has one of the highest standard deviations of any commoditized business and, while this reflects the extent of risk, it also provides ample opportunities to generate higher returns.

Within the Indian maritime space your Company has undertaken multiple pioneering efforts including being the first to initiate tramp shipping, being the first to acquire oil tankers, being the first to diversify into the offshore oil sector, etc. The list is simply too long to be fully covered here.

Unfortunately for us markets tend to neither recognize nor reward anniversaries and, sadly, our 70th anniversary has coincided with multiple year lows in freight rates for a majority of our asset classes. A more detailed discussion of our businesses has been placed through the MDA and hence I will not dwell on it here.

Last year I had, in some detail, discussed our long term focus together with our capital allocation process. Nothing has changed and hence I would once again request those of you who wish to have a better understanding of our philosophy to read it. We will continue to be patient with our capital and remain unwavering in our risk model. We cannot think of a better approach towards longer term sustainability.

Newer and newer accounting standards will increasingly play a role in the reporting of our results and I would therefore urge the ‘analyst’ in you to focus on cash flows.

All of us in the corporate space need to have a great sense of responsibility towards helping the many who struggle daily in their lives, be it in the area of health, education or the prospect of finding employment. Your Company set up a foundation in February 2015 towards this and I am happy to report that we have helped, directly or indirectly the lives of more than 50,000 individuals. I do sincerely hope that, whatever happens in the future, we never forget to support these people.

And finally there are just too many people to thank - from our founder directors to each one of our past and present employees whether they sail with us on our ships or are based in our offices. They have all collectively helped in creating the basic foundations of high integrity, hard work, and humility to accept and recognize that it could always be better.

With warm regards,

K. M. Sheth

Chairman