ICICI Securities Ltd | Retail Equity Research GE Shipping's Q4FY17 revenues de-grew 15% YoY to | 746.5 crore (Idirect estimate: | 853 crore). Offshore revenues continued to tread down for a seventh consecutive quarter with a decline of 37.4% YoY to | 262 crore (lowest since FY13). Revenues from the shipping segment grew 13% YoY to | 622.8 crore Higher fuel expenses (up 27% YoY) and lowest ever utilisation levels in offshore segment resulted in EBITDA de-growth of 23% YoY to | 328.2 crore (vs. I-direct estimate: | 443.6 crore). EBITDA margins...