Dear shareholders

To say that the year gone by has been a challenging one would be an understatement.Ironically it is also the year when your company has reported its highest standalone netprofit rs. 1030 cr.

Last year the human tragedy that swept the world took centre stage.

Country after country struggled to cope with and provide the much required help to itspeople. Many lives were lost some simply too early. Amidst these very difficult personalchallenges for many we as a company continued to march along as best we could. We facedhurdles in many areas whether in providing timely crew relief to our seafarers ensuringour shipboard staff were kept safe undertaking statutory dry dockings under remotesupervision or continuing to work from home for over 12 months. Our people respondedadmirably to successfully meet these challenges. They are our heroes and for me beyond thereported profit numbers it is to them that i dedicate the year gone by.

A special mention for our seafarers. They have made possibly the biggest sacrificeas we were often unable to provide them timely relief because of the various travelrestrictions in place across the world. More sadly we were not always able to reunitethem with their families even when most needed. I just wish to assure them and theirfamilies that we always attempted everything in our power to help them.

The second wave of this pandemic has hit our country hard.

Consequently it has also impacted our business in multiple ways. More and morecountries are imposing various restrictions on indian flag ships as well as on indianseafarers. This has led to us being forced to at times undertake sub optimal voyages andalso to undertake crew relief at significant costs. It has also constrained us in bothbuying and selling ships an important activity will be felt in the ongoing year.

One of the big lessons we have learnt from the year gone by is that it is impossible topredict black swan events that potentially can disrupt the business. The best that can bedone is to build a resilient organization comprising of hard working and talentedemployees who have the ability to navigate through multiple uncertainties. This will beone of our core focus areas.

There remain many challenges that lie ahead of us but i am confident that with the gritand determination of all our people we will successfully overcome those challenges andbuild a stronger organization that will serve its shareholders well. Let us collectivelylook forward to a bright future.

With warm regards