GESHIP

THE GREAT EASTERN SHIPPING COMPANY LIMITED CIN: L35110MH1948PLC006472 OCEAN HOUSE. 134/A. Dr. Annie Besant Road, Worli, Mumbai -400 018, INDIA. Tel.: +91 (22) 6661 3000 / 2492 2100 Fax: +91 (22) 2492 5900 Our Ref.: S/2019 / JMT August 27, 2019 BSE Limited National Stock Exchange of India Limited 1st Floor, Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, Bandra Kurla Complex, Bandra (East), MUMBAI -400 001 Mumbai-400 051 Dear Sir, We enclose copy of updated presentation to be made by us in Investor/Analyst Meeting. You are requested to kindly take note of the same. Thanking You, Yours faithfully, F eal Eastern Shipping Co. Lid. � Jayesh M. Trivedi President (Seel. & Legal) & Company Secretary www.greatship.com Except for historical information, the statements made in this presentation constitute forward looking statements. These include statements regarding the intent, belief or current expectations of GE Shipping and its management regarding the Company’s operations, strategic directions, prospects and future results which in turn involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward looking statements; including changes in freight rates; global economic and business conditions; effects of competition and technological developments; changes in laws and regulations; difficulties in achieving cost savings; currency, fuel price and interest rate fluctuations etc. The Company assumes no responsibility with regard to publicly amending, modifying or revising the statements based on any subsequent developments, information or events that may occur. CORPORATE PROFILE Offshore Shipping (Bulk) (Through wholly-owned subsidiary Greatship (India) Limited) Tankers • Crude Dry Bulk Logistics Drilling • Products/LPG India’s largest private sector shipping company over 71 years of experience 3 FII/FPI 20% Promoters 30% Govt./FI 24% SHAREHOLDING Public PATTERN 19% Shareholding Pattern as on 30 June 2019 4 SHIPPING FLEET Fleet DWT Number of Ships Average Age (Yrs.) PROFILE Crude Carriers 1,608,683 12 13.88 Product Carriers 987,207 17 11.79 Gas Carriers 224,113 5 17.92 Dry Bulk Carriers 1,026,462 13 6.80 Total 3,846,465 47 11.69 OFFSHORE Fleet Number of Units Average Age (Yrs.) Jack Up Rigs 4 7.84 Platform Supply Vessels 4 10.00 Anchor handling Tug Cum Supply Vessels 8 9.86 Multipurpose Platform Supply & Support 2 9.32 Vessels ROV Support Vessels 5 8.02 5 4 KEYS TO OUR SUCCESS In-House Dynamically Strong Diversified technical & managing balance Fleet commercial cycles sheet management 7 NET DEBT/EQUITY & TOTAL CAPITAL EMPLOYED (CONSOLIDATED) USD Mn 3,000 0.80 0.70 2,500 0.60 2,000 0.50 1,500 0.40 0.30 1,000 0.20 500 0.10 - 0.00 8 3991YF 4991YF 5991YF 6991YF 7991YF 8991YF 9991YF 0002YF 1002YF 2002YF 3002YF 4002YF 5002YF 6002YF 7002YF 8002YF 9002YF 0102YF 1102YF 2102YF 3102YF 4102YF 5102YF 6102YF 7102YF 8102YF 9102YF Total Capital Employed Net Debt/Equity (RHS) DIVIDEND/SHARE (30+ YEARS CONTINUOUS DIVIDEND) INR/Share 16.00 17% 14.00 15% 12.00 13% 10.00 11% 8.00 9% 6.00 7% 4.00 5% 2.00 3% - 1% 99 3991YF 4991YF 5991YF 6991YF 7991YF 8991YF 9991YF 0002YF 1002YF 2002YF 3002YF 4002YF 5002YF 6002YF 7002YF 8002YF 9002YF 0102YF 1102YF 2102YF 3102YF 4102YF 5102YF 6102YF 7102YF 8102YF 9102YF Dividend/Share Dividend Yield (RHS) ROE & ROCE (CONSOLIDATED) 45% 40% Average ROCE: 12% 35% Average ROE: 18% 30% 25% 20% 15% 10% 5% 0% ROCE (Consolidated) ROE (Consolidated) Average ROCE Average ROE 10 BWTS & SCRUBBER INSTALLATION SCHEDULE 40 35 35 30 25 20 15 12 9 10 8 7 7 6 5 1 0 Installed To be Installed CY2019 CY2021 CY2022 CY2023+ slesseV fo .oN BWTS Scrubber • Total 8 Vessels have been fitted with BWTS and 35 vessels are scheduled to be installed with BWTS • 1 Vessel has been fitted with Scrubber and 6 Vessels are scheduled to be installed with Scrubbers in CY2019 11 Note: No BWTS/Scrubbers scheduled to be installed in CY2020 IMO REGULATIONS ON BALLAST WATER TREATMENT SYTEM What is Ballast Water Treatment System(BWTS) IMO regulations? 1. Ballast water has to be taken onboard by ships for stability and can contain thousands of aquatic or marine microbes, plants and animals, which are then carried across the globe. Untreated ballast water released at the ship’s destination could potentially introduce a new invasive marine species. 2. The International Convention for the Control and Management of Ships' Ballast Water and Sediments was adopted in 2004 to introduce global regulations to control the transfer of potentially invasive species. With the treaty in force from September 2019, ships need to manage their ballast water. 3. Under the Convention, all ships in international traffic are required to manage their ballast water to a certain standard which can be done by installing a Ballast Water Treatment system onboard. 4. The Compliance Date: On delivery (post September New Vessels 2019) First scheduled drydocking Existing Vessels after September 2019 153 Source –Industry Reports IMO 2020 What is IMO 2020? 1) The International Maritime Organization (IMO) will require shipowners to reduce sulfur emissions from 3.5% currently to 0.5% starting 1st January, 2020. 2) There are two options for shipowners to comply with IMO 2020 sulfur regulations: • Installing a scrubber to enable the vessel to continue to burn High Sulfur Fuel Oil (HSFO) • Change to burning 0.5% compliant fuel which may be Very Low Sulfur Fuel Oil (VLSFO) or Marine Gas Oil (MGO) 3) HSFO market for bunker fuels is currently at 3.5-4 million barrels a day. Of which, approximately 2-2.5 million barrels a day may need to be replaced by MGO or VLSFO. 4) Scrubbers can cost $2-$5 million to install depending on the size of the ship. 5) Scrubber Economics favors larger vessels that consume more fuel and have trading patterns consisting of more time at sea. 154 Source –Industry Reports IMO 2020 Type of Fuel Sulfur Content Composition 2020 Possible issues post 2020 Low Availability, Fuel oil from Scrubber HSFO 3.5% Higher CAPEX for refinery Installed Vessels scrubbers Allowed Diesel from the MGO 0.1% including ECA Expensive refinery Areas Blends HSFO with a straight Allowed in Non- Compatibility, run LSFO or other ECA areas. Stability, LSFO 0.5% low sulfur Currently being Standardization intermediate tested. & Availability refinery fuels 155 Source –Industry Reports KEY POINTS ON TANKER MARKET Asset •VLCC 5 yr old asset prices increased about 11% Y-O-Y* Prices •Suezmax 5 yr old asset prices increased about 11% Y-O-Y* Freight •BCTI fell by 24% & BDTI were flat during Q2CY19 sequentially Rates •U. S. production is up about 1.5 million barrels a day year-on-year, U. S. exports were up Crude about 0.80 million barrels a day, whereas, imports have been down 1 million barrels a day Market year-on-year Q2CY19. ••IInn QQ22CCYY22001199 YY--OO--YY,, oovveerraallll ccrruuddee llooaaddiinnggss wweerree ddoowwnn bbyy 00..5555 mmiilllliioonn bbaarrrreellss aa ddaayy •In Q2CY2019 Y-O-Y, overall trade growth for Core Refined Products was higher by 0.30 Product million barrels a day. Market •This was largely driven by gasoline trade globally. The trade was also supported by Jet/Kerosene exports growth from Asia. ••UUSS VVLLGGCC eexxppoorrttss ggrreeww bbyy 3322%% iinn QQ22CCYY22001199 YY--OO--YY,, dduuee ttoo ssiiggnniiffiiccaannttllyy iimmpprroovveedd aarrbbiittrraaggee LPG bbeettwweeeenn UUSS && FFaarr EEaasstt LLPPGG PPrriicceess.. Market ••OOvveerraallll VVLLGGCC llooaaddiinnggss iiss uupp bbyy 22 MMtt YY--OO--YY QQ22CCYY22001199 wwiitthh 22..6611%% aabbssoolluuttee fflleeeett ggrroowwtthh.. CCoorrrreessppoonnddiinnggllyy BBaallttiicc LLPPGG iinnddeexx aavveerraaggeedd UUSS $$6622..3344//ttoonn dduurriinngg QQ22CCYY22001199 uupp 113355%% YY--OO--YY.. Fleet •Crude tankers net fleet growth in Q2CY19 is 1.44%, product tankers net fleet growth is 1.22% Growth aanndd VVLLGGCC ggrroowwtthh iinn nneett fflleeeett iiss 22..6611%% sseeqquueennttiiaallllyy * 5 yrold prices in Q2CY2019 are for Eco Tankers whereas in Q2CY2018 for Non-Eco 156 Source –Industry Reports TANKERS – ASSET PRICE MOVEMENT (5-YEAR OLD) )$ noillim ni( ecirP pihS )$ noillim ni( ecirP pihS VLCC Suezmax Aframax VLCC Suezmax Aframax 180 80 160 70 140 60 120 50 100 40 80 60 30 40 20 20 10 0 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2017 2017 2018 2018 2018 2018 2019 2019 Wet Bulk asset prices has improved by 10% to 12% in Q2CY2019 Y-O-Y. 157 Source –Industry Reports BALTIC DIRTY & CLEAN INDEX 1,300 1,200 1,100 1,000 900 800 700 600 500 400 158 Source –Industry Reports 41-guA 41-voN 51-beF 51-yaM 51-guA 51-voN 61-beF 61-yaM 61-guA 61-voN 71-beF 71-yaM 71-guA 71-voN 81-beF 81-yaM 81-guA 81-voN 91-beF 91-yaM 91-guA BALTIC DIRTY TANKER INDEX 1,000 900 800 700 600 500 400 300 41-guA 41-voN 51-beF 51-yaM 51-guA 51-voN 61-beF 61-yaM 61-guA 61-voN 71-beF 71-yaM 71-guA 71-voN 81-beF 81-yaM 81-guA 81-voN 91-beF 91-yaM 91-guA BALTIC CLEAN TANKER INDEX TOTAL OIL SUPPLY & DEMAND yad rep slerrab noillim In Q2CY19, refining throughput growth has been negative mainly due to unplanned refinery outages in Europe and FSU. Also due to planned maintenance (IMO 2020 related) and weak products demand. million barrels per day Supply Demand Refinery Throughput (RHS) 103 84 101 82 99 97 80 95 78 93 91 76 89 74 87 85 72 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2014 2015 2016 2017 2018 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 159 Source –Industry Reports CRUDE & PRODUCT GROWTH • Crude demand growth was marginally negative at approx. 0.4 Mn barrels a day in Q2CY2019 Y-O-Y • Core refined products demand growth was marginally negative at approx. 0.2 Mn barrels a day largely due to industrial slowdown and feedstock petchem demand switch to LPG. 5 20 Source –Industry Reports REFINERY MARGINS Refining Margins were negatively impacted in Asia by extremely weak light distillate cracks due to addition of new gasoline oriented capacity whereas Atlantic basin had relatively stable margins. 251 Source –Industry Reports CRUDE OIL IMPORTS (US & China) )dpb 000‘( stropmI latot liO edurC SU )dpb 000‘( stropmI latot liO edurC anihC 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 9,000 11,500 10,500 8,500 9,500 8,000 8,500 7,500 7,500 6,500 5,500 7,000 4,500 6,500 3,500 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov In Q2CY2019, China imported 10% higher crude oil than Q2CY2018 as new refineries were ramping up. 252 Source –Industry Reports CRUDE OIL EXPORTS (US) In Q2CY2019, US exported 36% higher crude oil than Q2CY2018 23 )dpb 000‘( stropxE latot liO edurC SU 2019 2018 2017 2016 2015 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec US LPG EXPORTS OF PROPANE & PROPYLENE 70% 60% 50% 40% 30% 20% 10% 0% -10% -20% In Q2CY2019, US propane & propylene exports were up 17% Y-O-Y 24 41YF1Q 41YF2Q 41YF3Q 41YF4Q 51YF1Q 51YF2Q 51YF3Q 51YF4Q 61YF1Q 61YF2Q 61YF3Q 61YF4Q 71YF1Q 71YF2Q 71YF3Q 71YF4Q 81YF1Q 81YF2Q 81YF3Q 81YF4Q 91YF1Q 91YF2Q US LPG Exports of Propane & Propylene (y-o-y growth in %) WORLD FLEET GROWTH CRUDE TANKERS Tanker Fleet - mn Dwt 30-Jul-19 1-Jan-19 1-Jan-18 1-Jan-17 1-Jan-16 VLCC 238.50 233.34 225.10 213.80 200.00 Suezmax 85.40 81.86 80.60 74.60 71.09 Aframax 69.80 67.07 67.20 66.40 64.37 Total (80k+)* 399.51 381.70 378.90 355.00 335.46 Order Book (mn Dwt) 2019 2020 2021+ Total Orderbook as % of 2.3% 4.8% 2.1% 9.2% current fleet Slippage About (YTD2019) 5% 255 Source –Industry Reports WORLD FLEET GROWTH PRODUCT TANKERS & VLGC Product Fleet - mn Dwt 30-Jul-19 1-Jan-19 1-Jan-18 1-Jan-17 40.75 LR2 37.9 36.60 33.50 27.42 LR1 26.9 26.51 25.20 85.55 MR/Handy (35k+) 83.3 82.40 80.40 Total (35k+)* 157.03 150.93 147.61 139.40 Order Book(mn Dwt) 2019 2020 2021+ Total Orderbook as % of current 1.6% 3.5% 1.7% 6.8% fleet Slippage About 5% Product (YTD2019) Fleet - No. of Vessels 30-Jul-19 1-Jan-19 1-Jan-18 VLGC 275 265 260 Order Book (No. of Vessels) 2019 2020 2021+ Total Orderbook as % of current 2.5% 7.3% 2.5% 12.4% fleet 256 Source –Industry Reports KEY POINTS ON DRY BULK MARKETS Asset • Capesize 5 yr old asset prices were down 16% in Q2CY2019 Y-O-Y Prices • Panamax & Supramax 5 yr old asset prices were flat in Q2CY2019 Y-O-Y • BDI hits 2,191 on 22-Jul-19 due to commencement of Brucutu mines production and Freight announcement on partial return of Vargem Grande Complex Rates • Q2CY2019, BDI rose about 96% from 690 to 1,350 Coal • China total coal imports for Q2CY2019 have risen by 14% Y-O-Y. Indian coal imports have Market risen by 16% Y-O-Y in Q2CY2019 Iron • China’s Iron Ore imports fell by 8% in Q2CY2019 Y-O-Y Ore Fleet • Dry Bulk net fleet growth in Q2CY2019 was about 0.93% sequentially Growth 257 Source –Industry Reports BULKER ASSET PRICES 5-YEAR OLD Capesize asset prices were down 16% in Q2CY2019 Y-O-Y. Panamax & Supramax asset prices were flat Q2CY2019 Y-O-Y. )$ noillim ni( ecirP pihS )$ noillim ni( ecirP pihS 180 160 140 120 100 80 60 40 20 0 258 Source –Industry Reports luJ-4002 luJ-5002 luJ-6002 luJ-7002 luJ-8002 luJ-9002 luJ-0102 luJ-1102 luJ-2102 luJ-3102 luJ-4102 luJ-5102 luJ-6102 luJ-7102 luJ-8102 luJ-9102 Capesize Panamax Supramax Capesize Panamax Supramax 40 35 30 25 20 15 10 5 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2017 2017 2018 2018 2018 2018 2019 2019 2,250 2,050 1,850 1,650 1,450 1,250 1,050 850 650 450 250 41-guA 41-voN 51-beF 51-yaM 51-guA 51-voN 61-beF 61-yaM 61-guA 61-voN 71-beF 71-yaM 71-guA 71-voN 81-beF 81-yaM 81-guA 81-voN 91-beF 91-yaM 91-guA BALTIC DRY INDEX Vale’s Dam Incident Baltic Dry Index hit 5.5 year high of 2,191 in Jul’19 after recovering from lows of 595 in Feb’19. Currently it is trading close to 2,050. 259 Source –Industry Reports CHINA IRON ORE & STEEL PRODUCTION China Steel Production increased 10% in H1CY2019 Y-O-Y China’s iron ore import shrunk 6% in H1CY2019 Y-O-Y Source –Industry Reports )sennot noilliM ni( noitcudorP leetS )sennot noilliM ni(tropmi ero norI World Steel China Steel % Growth World % Growth China 2000 16% 1800 14% 1600 12% 1400 10% 1200 8% 1000 6% 800 4% 600 2% 400 0% 200 -2% 0 -4% 2013 2014 2015 2016 2017 2018 1H2018 1H2019 China Iron Ore Imports % Change Y-o-Y 1200 15.0% 13.8% 1000 9.8% 10.0% 7.4% 800 5.0% 5.0% 600 2.4% 0.0% 400 -1.1% -5.0% 200 -6% 0 -10.0% 2013 2014 2015 2016 2017 2018 H1FY2019 350 CHINA COAL IMPORTS China coal imports change (Y-O-Y) MnTonnes 15.0 10.0 5.0 0.0 -5.0 -10.0 -15.0 351 Source –Industry Reports 71-naJ 71-beF 71-raM 71-rpA 71-yaM 71-nuJ 71-luJ 71-guA 71-peS 71-tcO 71-voN 71-ceD 81-naJ 81-beF 81-raM 81-rpA 81-yaM 81-nuJ 81-luJ 81-guA 81-peS 81-tcO 81-voN 81-ceD 91-naJ 91-beF 91-raM 91-rpA 91-yaM 91-nuJ 91-luJ WORLD FLEET GROWTH DRY BULK Fleet - Mn Dwt 30-Jul-19 1-Jan-19 1-Jan-18 1-Jan-17 Capesize 340 335 324 315 Panamax 213 207 202 196 Handymax 204 201 196 189 Handysize 102 98 96 94 Total 860 841 818 794 Orderbook 2019 2020 2021 2022+ Total (mn Dwt) Orderbook 3.0% 5.6% 2.1% 0.3% 11.0% (%Fleet) Slippage About 8% (YTD2019) 352 Source –Industry Reports SCRAPPING Fleet Scrapping (% of beginning world fleet) Vessel (mn Dwt) Category 30 Jul 19 H1CY2019 2018 2017 2016 2015 2014 Crude 399.51 0.57% 4.62% 2.35% 0.35% 0.23% 1.60% Product 157.03 0.23% 1.64% 1.42% 0.62% 0.61% 1.19% Dry Bulk 860.00 0.54% 0.54% 1.77% 3.67% 4.03% 2.25% Moderately higher for Dry Bulk Y-O-Y and low for Crude and Product Tankers 353 Source –Industry Reports Greatship (India) Limited (a 100% subsidiary) OFFSHORE BUSINESS FLEET PROFILE Fleet Utilization Current Owned Fleet Extent of coverage of Fleet Count Type Category fleet's operating days (FY20) Jack Up Rigs (350ft) 4 PSV 52% Platform Supply Vessels (PSV) 4 Anchor Handling Tug cum ROVSV 85% 8 Supply Vessels (AHTSV) AHTSV 88% Multipurpose Platform Supply 2 and Support Vessels (MPSSV) MPSSV 36% Platform / ROV Support Vessels 5 (ROVSV) Jackup Rigs 98% As on 30th June 2019 355 Source –Industry Reports KEY POINTS ON E&P MARKETS Q2 CY2019 • Charter rates and utilization have started to pickup form the lows in certain Day Rates geographies • Rigs: Total fleet remains broadly same compared to last quarter and over Fleet one year. Growth • OSV’s: Total fleet remains broadly same compared to last quarter however, there is a decline of about 2% over one year. . Fleet • Rigs: 60-70% (Term) Utilization • Vessels: 40-50% (Term) • OSVs: 80%-90%(CY2018) Slippage • Rigs: 70% - 80%(CY2018) 36 Source –Industry Reports OFFSHORE E&P SPENDING According to various industry reports, after the sharp fall over last 3 years, the E&P spending declined marginally in 2018 and is expected to either stabilize or increase marginally in 2019. 37 Source –Industry Reports GLOBAL FLEET SUPPLY OFFSHORE Fleet & Orderbook Number Jackup Rigs AHTSVs PSV Current Fleet 518 2005 1621 Orderbook 63 74 127 O/B to current fleet 14.0% 4.0% 9.0% • YTD CY2019 actual deliveries have been far lower than scheduled. Due to bleak employment scenario owners have refrained from taking delivery. Going forward slippage is expected to remain high.About 43% of Jackup Rigs are currently 25 years and above. • The activity has started to pick up in the OSV space and we have seen improvement in the charter rates. For Jackups, activity has improved and we have seen recent tenders being awarded at a significantly higher rate. • In case of PSVs and AHTSVs more than half the fleet is either idle/stacked or working in spot market at a very low utilization. 38 Source –Industry Reports FINANCIAL HIGHLIGHTS GE Shipping Q1FY20 consolidated Net Loss at Rs. 53.96 Crores Standalone Key Figures Consolidated Q1FY20 Q1FY19 (Amount in Rs. Crs) Q1FY20 Q1FY19 Income Statement 631.12 604.25 Revenue (including other income) 833.22 844.37 164.88 (14.13) EBITDA (including other income) 261.00 84.56 273.87 219.23 #EBITDA (including other income) 360.77 370.53 (50.21) (232.87) Net Profit (53.96) (245.08) Balance Sheet 10283.14 10748.98 Total Assets 14251.52 14923.45 5007.65 4990.52 Equity 6755.31 6740.37 4077.63 4515.74 Total Debt (Gross) 5917.21 6557.12 1599.24 1726.36 Long Term Debt (Net of Cash) 2235.06 2661.76 Cash Flow** 218.15 188.16 From operating activities 305.12 212.22 64.17 (307.71) From investing activities 25.95 (332.28) (85.79) 183.18 From financing activities (166.33) 108.95 196.53 63.63 Net cash inflow/(outflow) 164.74 (11.11) 40 FINANCIAL HIGHLIGHTS Standalone Key Figures Consolidated Q1FY20 Q1FY19 Q1FY20 Q1FY19 Key financial figures 26.12% -2.34% EBITDA Margin 31.32% 10.01% 4.67% 0.56% *#Return on Equity (ROE) 2.70% 3.65% 6.04% 4.19% *#Return on Capital Employed (ROCE) 4.72% 5.78% 0.81 0.90 Gross Debt/Equity Ratio 0.88 0.97 0.32 0.35 Net Debt/Equity Ratio 0.33 0.39 69.46 66.43 Average Exchange rate USD/INR 69.46 66.43 69.03 68.47 End of Period Exchange rate USD/INR 69.03 68.47 Share related figures(in Rs.) (3.33) (15.44) Earnings per share, EPS (3.58) (16.25) (3.33) (15.44) Diluted earnings per share (3.58) (16.25) 12.15 8.87 Cash Profit per share 15.82 16.81 - - Dividend per share - - # Excluding Unrealized Gains/Losses on Derivatives and Foreign Exchange *Annualized figures ** Non GAAP Measures and Placement of Bank deposits and sale and purchase of Mutual Funds are not considered in Cash flow as they are considered as cash and cash equivalent 41 FINANCIAL HIGHLIGHTS Breakup of Revenue Days Revenue Days Q1 FY20 Q1 FY19 Owned Tonnage 4,142 4,190 Inchartered Tonnage 35 56 Total Revenue Days 4,177 4.246 Total Owned Tonnage (mn.dwt) 3.85 3.97 Average TCY Details Mix of Spot & Time Average (TCY $ per day) Q1’FY20 Q1’FY19 % Change Days (in %) Q1’FY20 Q1’FY19 Dry Bulk Spot % 93% 74% Crude Carriers 14,824 11,011 35% Time % 07% 26% Product Carriers (Incl. 15,141 14,697 3% Tankers Gas) Spot % 72% 82% Dry Bulk 10,998 13,597 -19% Time % 28% 18% Total Spot % 78% 79% Time % 22% 21% 542 THANK YOU THANK YOU visit us at www.greatship.com 43