GE Shipping Q3 Results: Profit jumps 37%, margin expands; dividend declared

Great Eastern Shipping Company Ltd reported a strong set of numbers for the third quarter of FY26, with net profit rising 36.9% year-on-year to ₹812 crore, compared with ₹593 crore in the same period last

year.

Revenue for the quarter increased 17.6% year-on-year to ₹1,454 crore, while EBITDA surged 36.7% to ₹835.2 crore from ₹611 crore a year earlier.

Operating margin expanded sharply to 57.4% from 49.4% in the year-ago quarter, aided by firm freight rates and operating leverage.

The company’s board declared a third interim dividend of ₹9 per equity share for FY26. The record date for the dividend has been fixed as February 4, 2026, with payment scheduled on or after February 24, 2026.

Tanker market trends

Global crude tanker markets remained firm during the quarter. Dirty trade volumes rose 7% year-on-year in Q3 FY26, supported by an 11% rise in Middle East Gulf exports following the unwinding of OPEC+ production cuts. South American exports climbed 22%, led by Brazil and Guyana, while China continued to absorb a large share of incremental volumes, with imports up 10% year-on-year.

The crude tanker fleet grew by only 1% year-on-year, though around 35 LR2 tankers shifted to dirty trade during the quarter. Congestion for VLCCs built up at Chinese ports, while Russian barrels struggled to find end markets, leading to floating storage.

Dry bulk and product tankers

Iron ore trade rose 10% year-on-year as China continued stockpiling Brazilian and Australian supply. Grain trade increased 7%, while coal trade declined 1% amid subdued demand from China and India. Minor bulks remained firm, aided by a 13% rise in bauxite trade.

Bulk carrier asset prices firmed 3–5% during the quarter, with the dry bulk order book standing at around 12.5% of the fleet. In product tankers, seaborne trade slipped 1% year-on-year, though longer-haul routes supported market conditions. Tanker asset prices rose 5–10% quarter-on-quarter across vessel types.

Ahead of earnings announcement, shares of Great Eastern Shipping closed at ₹1,186.60 on the NSE, up 1.11%.