Fellow Shareholders

This year the cover of the annual report has our Company's Coffee TableBook. This book captures 74 years of the Company's history and is an exemplary effort byan internal team of employees! The e-version of the book is available on the Company'swebsite. I hope you your family and your friends enjoy reading it!

I am particularly excited to share with you that on all non-financialparameters we have had the best year of the previous seven decades. The reason Iemphasize on non-financial parameters is because it is the culmination of this data thatdetermines the brand of a shipping company. Our vessels and the processes we follow atwork are inspected by multiple authorities at multiple times. The findings of suchinspections culminate in a database which is then analyzed by our highly quality consciouscustomers. It is this data which leads me to conclude that this has been our best yearever.

While brand differentiation is important so too is the process ofcapital allocation and the timing of straddling the spot and the time charter markets. Theensuing decisions go into determining the results for individual years and the eventualNet Asset Value (NAV). Here too I am equally enthused to report that whilst for theperiod 2012 to 2017 the Company's NAV-based return was about 8% p.a. for the followingfive years period ending March 2022 the return has been close to 15% p.a. This almost 7%CAGR increase is the result of better decision making. Inexplicably whilst the overallvalue of the Company doubled in the last five years the stock price performance for thesame period has been disappointing.

Moving forward what would be our key focus areas? Undoubtedly itwould be to build upon the brand that is 'Great Eastern Shipping' as well as create anorganization whose culture will encourage and enable free expression of ideas and freeexpression of thoughts. This is not to say that there will be less focus on the measurablereturns on capital deployed. After all the profits that we generate are equally importantfor they enable us to reward our shareholders as well as to keep adding to our CSRactivities which we so greatly value.

A particular thank you to all our seafarers who have worked tirelesslyin ensuring that we run amongst the best ships globally. After having inspected severalships towards acquisitions I can say this without any hesitation.

Complacency in any organization can set in quickly and eventually leadsto its inevitable decline. I keep reminding our management team of the same and I'mconfident that they will ensure that each and every Gescoite will continue to set higherand higher benchmarks. This will not only be a testimony to what Indians can achieve butwill also show to the world that an Indian company can be recognized as the best inclass.

With warm regards

K. M. Sheth

Chairman

Mumbai June 23 2022