About Shreeji Shipping Global Limited

BUSINESS OVERVIEW

Shreeji Shipping Global is a leading provider of integrated shipping and logistics solutions for dry bulk cargo at various ports and jetties across India and Sri Lanka. As of March 31, 2025, the company operates a fleet of over 80 vessels — including barges, mini bulk carriers (MBCs), tug boats, and floating cranes — along with more than 370 units of earthmoving equipment, comprising material handling machines, excavators, pay loaders, tippers, trailers, tankers, and other vehicles dedicated to client operations.

With a legacy spanning more than three decades in the shipping and logistics sector, the company holds extensive expertise in cargo handling, transportation, fleet chartering, equipment rentals, and related ancillary services. It is the flagship entity of the Jamnagar-based “Shreeji Group”, promoted and led by Ashokumar Haridas Lal and Jitendra Haridas Lal, who together possess over 60 years of combined industry experience. Under their leadership, Shreeji Shipping Global has evolved into a comprehensive maritime logistics partner for all-weather and seasonal ports in India and Sri Lanka, with a primary focus on non-major ports along the West Coast of India.

As of March 31, 2025, the company has delivered services at over 20 ports and jetties, including major Indian ports such as Kandla, non-major ports such as Navlakhi, Magdalla, Bhavnagar, Bedi, and Dharmatar, as well as the Puttalam Port in Sri Lanka.

Originally established as a partnership firm in 1995 under the name M/s. Shreeji Shipping, the business transitioned to a corporate structure on April 11, 2024 to optimize operations and harness the benefits of incorporation.

The company offers end-to-end shipping and logistics solutions for dry bulk cargo, covering cargo handling, transportation, fleet chartering, and equipment rentals. Under cargo handling services, the scope includes Ship-to-Ship (STS) lighterage, stevedoring, and port-based cargo management services. Transportation services extend to port-to-premise and premise-to-port cargo movement.

In terms of operational performance:

• Cargo handled amounted to 15.71 MMT (FY ending March 31, 2025), 13.78 MMT (FY 2024), and 13.87 MMT (FY 2023).

• Cargo transported stood at 2.49 MMT (FY 2025), 2.74 MMT (FY 2024), and 2.96 MMT (FY 2023).

Shreeji Shipping Global caters to diverse industries including Oil & Gas, Energy & Power, FMCG, Coal, and Metals, offering a single-window service model that eliminates the need for multiple service providers within the logistics chain. This integrated approach generates greater business opportunities through a broader range of services, contributing to both revenue and profitability.

For the fiscal year ended March 31, 2025 (restated consolidated basis):

• Revenue from operations: ₹ 6,076.13 million

• EBITDA from continuing operations: ₹ 2,006.82 million

• PAT from continuing operations: ₹ 1,412.37 million

According to Dun & Bradstreet, cargo handled at Indian ports is expected to grow at a CAGR of 10.80%, increasing from 1,540 MMT in FY 2024 to 2,849 MMT in FY 2030. Cargo volumes at ports in Gujarat are projected to rise at a CAGR of 17.50%, from 317.20 MMT in FY 2024 to 720 MMT in FY 2030.

Service Offerings:

• Cargo Handling Services: STS lighterage, stevedoring, and port-based cargo management services.

• Transportation: Port-to-premise and premise-to-port cargo movement, offering complete logistics solutions.

• Fleet Chartering & Equipment Rentals: Chartering of vessels and earthmoving equipment, along with provision of specialized loading/unloading machinery.

• Other Operational Income: Revenue from sale of scrap and other sundry activities.

As of March 31, 2025, the company had 1,173 full-time employees. The Bankers to the company are ICICI Bank Limited and Kotak Mahindra Bank Limited.

INDUSTRY ANALYSIS

Overview of the Shipping Industry

The shipping industry stands as a vital pillar of the global economy, facilitating the seamless movement of goods and commodities across continents. Accounting for nearly 80% of international trade, shipping remains the most cost-effective mode of transportation for goods worldwide. Its efficiency is fundamental in keeping global supply chains intact.

In 2023, global maritime trade grew by 2.4% to 12.3 billion tonnes, recovering from the contraction of 2022, and is projected to expand by 2% in 2024 and at an average annual growth rate of 2.4% till 2029. Seaborne cargo volumes comprise both overseas (global) and coastal (domestic) activities.

India’s Maritime Landscape

India boasts a vast coastline of 7,516.6 km, enabling significant waterways freight movement through 12 major ports and 217 minor ports as of FY 2024. Cargo handling in India’s minor ports is concentrated in 78 non-major ports, with the rest primarily serving fishing activities. Major ports are administered by the central government, while minor ports fall under state administration.

In FY 2024, Indian ports handled 1,542.42 million tonnes (MT) of cargo, marking a 7.5% growth over FY 2023. Major ports contributed 53% of this volume, while minor ports accounted for 47%, with growth rates of 4.4% and 11.1% respectively. The share of non-major ports increased from 45.3% in FY 2023 to 46.9% in FY 2024.

India has made remarkable strides in global rankings, securing the 22nd spot in the International Shipment category in 2023, up from 44th in 2014. The turnaround time at Indian ports now stands at 0.9 days, outperforming the USA (1.5 days), Australia (1.7 days), and Singapore (1.0 days). Additionally, India’s World Bank Logistics Performance Index ranking improved from 44th in 2018 to 38th in 2023 out of 139 countries.

Policy Push and Infrastructure Development

India’s rise in the global value chains (GVCs) — with GVC-related trade growing from 35.1% in 2019 to 40.3% in 2022 — has been bolstered by trade facilitation measures and reduced logistics costs. Port-led development initiatives, such as developing smart port cities in Kandla and Paradip, aim to integrate modern, IT-driven infrastructure with civic facilities.

The Coastal Economic Zones (CEZs) concept is set to foster industrial growth along India’s shoreline. Large-scale policy initiatives like the Sagarmala Project and Maritime India Vision 2030 are being implemented to enhance operational efficiency, capacity utilization, inland waterways, and cost-effectiveness, ultimately positioning India as a leading maritime nation.

India vs. the World

Globally, 7 of the top 10 busiest ports are located in China, with Shanghai retaining the top spot since 2010. While Mundra and JNPT rank 27th and 28th among the world’s top 30 container ports, other Indian ports possess significant untapped potential. China dominates shipbuilding, with a 40% global share, followed by South Korea (30%) and Japan (20%.

Cargo Movement Trends

In FY 2024, overseas cargo accounted for 78% and coastal cargo 22% of total volumes handled by Indian ports. Minor ports managed 20% of coastal cargo and 80% of overseas cargo, while major ports handled 77% of overseas cargo and 23% of coastal cargo.

Coastal shipping in India remains underdeveloped despite being cost-effective and environmentally friendly. Efforts, such as the Kerala Maritime Board’s 2024 initiative to improve cargo handling facilities at ports like Kollam, Beypore, Azhikkal, and Vizhinjam, aim to strengthen this segment.

Port Infrastructure

India has 229 ports, including 12 major ports under the Ministry of Ports, Shipping and Waterways and 217 minor ports governed by state maritime boards. Gujarat, Maharashtra, Tamil Nadu, Kerala, Andhra Pradesh, and the Andaman & Nicobar Islands have the highest concentration of minor ports.

Ports are also classified by function — seaports, inland ports, dry ports, commercial ports, industrial ports, and comprehensive ports. Gujarat alone accounts for 48 minor ports, with Deendayal Port (Kandla) being the state’s major port.

Gujarat: A Maritime Leader

Gujarat Maritime Board (GMB) dominates India’s cargo handling with 63.2% share in FY 2024, supported by its 1,215 km coastline and robust private sector participation. In FY 2024, Gujarat’s overseas trade share stood at 68.8% and coastal trade at 38.8%.

Kandla Port, India’s second-largest major port, handled 131.8 MMT in FY 2024, though it experienced a 4.2% decline, allowing Paradip Port in Odisha to claim the top spot for the first time in its history.

The Indian Shipping Fleet

India operates 1,526 seagoing ships with a combined capacity of 13.8 million gross tonnage (GT), ranking 18th globally in registration by deadweight tonnage in 2022. While dry cargo liners form the largest segment by vessel count (900 ships), oil tankers dominate in tonnage, contributing 55.8% of total GT.

However, the ageing fleet remains a concern, with 46% of vessels aged over 20 years as of 2023. Coastal trade accounts for 68% of vessels, yet overseas trade commands 88% of total GT. The share of dry cargo bulk carriers has fallen from 29.3% in 2013 to 15.3% in 2023, primarily due to fleet scrappage, even as demand for dry bulk imports rises.

BUSINESS STRENGTHS

1. Prominent Player in Integrated Shipping and Logistics
A leading provider of dry bulk cargo shipping and logistics solutions across India and Sri Lanka, operating at both all-weather and seasonal ports. As of March 31, 2025, operations are supported by over 80 vessels — including barges, mini bulk carriers (MBCs), tug boats, and floating cranes — and more than 370 units of earthmoving equipment, such as material handling machines, excavators, pay loaders, tippers, trailers, tankers, and other vehicles. The company has a legacy of over three decades in cargo handling, transportation, fleet chartering, and other port services.

2. Long-Term Institutional Customer Relationships
Services are primarily extended to Oil & Gas, Energy & Power, FMCG, Coal, and Metal industries on a B2B model. The customer base stood at 106 in FY 2025, 102 in FY 2024, and 96 in FY 2023, reflecting stable long-term engagements.

3. Established Cargo Handling Operations
The largest operational segment is cargo handling, comprising:

1. Ship-to-Ship (STS) lightering services

2. Stevedoring services

3. Port-based cargo management and ancillary services

4. Operational Capabilities with Owned Fleet
The company’s fleet includes self-propelled barges, mini bulk carriers, motor tugs, and floating cranes, supported by in-house logistics assets such as material handling machines, excavators, pay loaders, tippers, trailers, and tankers. A dedicated team of 94 permanent employees — including repair staff, mechanics, and engineers — ensures efficient fleet and equipment maintenance.

5. Proven Financial Growth
Sustained performance is driven by operational efficiency, high productivity, low operating costs, and the advantage of owning critical fleet and equipment assets.

6. Experienced Leadership and Management
Promoted by Ashokkumar Haridas Lal and Jitendra Haridas Lal, with a combined industry experience of over 60 years. The business began as M/s. Shreeji Shipping in 1995 and, under strategic leadership, has evolved into a comprehensive logistics service provider, supported by a professional senior management team.

BUSINESS STRATEGIES

1. Focus on Cost Optimization and Operational Efficiency
Continued efforts to improve operating margins through expansion of value-added services, enhanced customer experience, better asset utilization via economies of scale, greater integration across logistics networks, and increased focus on dry bulk cargo logistics opportunities.

2. Investment in Fleet and Equipment
Significant capital allocation to strengthen assets, with ₹ 1,620.82 million invested in vessels, vehicles, and equipment during FY 2023–2025. The gross block of heavy vehicles and equipment stood at ₹ 5,454.51 million in FY 2025.

3. Expansion from Land to Port Operations
Strategic growth beyond traditional port-based services, highlighted by the Letter of Award (LOA) from Eastern Coalfields Limited (ECL) for the Chuperbita-Simlong Opencast Project in Jharkhand. The project, valued at ₹ 94,763.30 million (including GST), involves mining 118.90 million tonnes of coal and 432.31 MCuM of overburden over 25 years with a peak capacity of 6 MT annually. A Performance Security Deposit of ₹ 926.6 million and an Additional Performance Security of ₹ 47.82 million per consortium member have been submitted. The consortium has formed an SPV and executed the contract, with the actual contract value (excluding GST) set at ₹ 80,307.88 million.

4. Customer Acquisition and Sector Diversification
Expansion of the customer base remains a priority, leveraging expertise in core segments to attract new clients and enter new sectors. In FY 2025, 2024, and 2023, 14, 25, and 39 new customers were added, contributing 7.79%, 6.13%, and 3.41% to operational revenue, respectively.

BUSINESS RISK FACTORS & CONCERNS

1. Dependence on a Single Major Customer
A substantial portion of revenue is derived from the largest customer—20.86%, 15.20%, and 16.83% in FY 2025, FY 2024, and FY 2023, amounting to ₹ 1,267.51 million, ₹ 1,111.23 million, and ₹ 1,391.71 million respectively. Loss or reduction of business from this customer due to non-renewal, regulatory changes, disputes, financial distress, or reduced demand could have a material adverse effect on revenue, cash flows, and financial performance.

2. Exposure to Industry Cyclicality
Revenue is closely linked to industries such as Oil & Gas, Energy & Power, and Coal, which contributed 54.11%, 49.51%, and 46.15% of revenue in FY 2025, FY 2024, and FY 2023. Any downturn in these sectors could result in loss of customers, reduced cargo volumes, and pricing pressures.

3. Reliance on Cargo Handling Operations
Cargo handling forms the core of operations, with services provided at over 20 ports and jetties in India and one overseas port in Sri Lanka. Failure to attract adequate cargo volumes or achieve target margins could adversely affect profitability and financial stability.

4. Concentration in Non-Major Ports
A significant share of cargo handling takes place at Non-Major Ports—13.09 MMT, 11.32 MMT, and 11.03 MMT out of total volumes of 15.71 MMT, 13.78 MMT, and 13.87 MMT in FY 2025, FY 2024, and FY 2023 respectively. Non-Major Ports, under state jurisdiction, may face variability in regulations, tariffs, infrastructure capacity, and connectivity. Political changes, policy revisions, new levies, or operational disruptions (e.g., labor strikes, natural disasters) could impact efficiency, cost-effectiveness, and scalability.

5. Geographic Concentration of Operations
Most port and jetty operations are concentrated on the west coast of India, particularly in Gujarat. This geographic focus increases vulnerability to local regulatory changes, modernization projects, or operational disruptions that could materially affect revenue, cash flow, and service continuity.

Summary :
Shreeji Shipping Global’s operations are significantly dependent on a small number of key customers, specific industries, cargo handling activities, and Non-Major Ports, primarily located on India’s west coast. Concentration in these areas exposes the company to operational, regulatory, and industry-specific risks, any of which could materially impact revenue, profitability, and business continuity.