Shreeji Shipping Global plans expansion

Shreeji Shipping Global Limited (SSGL), the flagship company of the Jamnagar-based Shreeji group, promoted and led by Ashokumar and Jitendra Lal, provides shipping and logistic solution for dry bulk cargo. The duo has a combined experience of more than sixty years in the shipping and logistics industry. Under their leadership, the company has evolved into an integrated shipping and logistic solution provider for dry bulk cargo handling at all-weather and seasonal ports in India and Sri Lanka. Shreeji Shipping Global is now poised to debut in the Indian capital market at a proposed valuation of over Rs4,000 crore.

Though Shreeji Shipping Global provides services at major ports, it is primarily focussed on non-major ports and jetties, particularly along the West Coast of India. It provided services at more than 20 ports and jetties, including major Indian ports at Kandla, non-major ports at Navlakhi, Magdalla, Bhavnagar, Bedi and Dharmatar and overseas port at Puttalam Port (Sri Lanka) during 2024-25. (Source: Dun & Bradstreet Report).

“We believe that our long experience in the shipping and logistic industry and wide network of transportation and distribution model helps us to deliver our solutions to customers engaged across various industries,” affirms Ashokumar H. Lal, CMD, SSGL. “We primarily cater to our customers in various sectors including oil and gas, energy and power, FMCG, coal and metal industry.”

“Our complete integrated end-to-end shipping and logistic services provides our customers with a preferable option of single-window solutions, thereby negating the need to approach multiple service providers at different levels in the chain of shipping and logistic services,” says Jitendra H. Lal, joint MD, SSGL. “Further, our integrated service model provides us with greater business opportunities from our customers involving wide range of services, contributing to our revenue and profitability”.

For the year ended 31 March 2025, on a restated consolidated basis, SSGL generated a revenue from operations of Rs607.61 crore; EBIDTA from continuing operations of Rs200.68 crore and PAT from continuing operations of Rs141.24 crore. According to Dun & Bradstreet, the cargo handled at ports in India is expected to grow at 10.80 per cent CAGR – from 1,540 million tonnes of cargo in 2023-24 to 2,849 mt in 2029-30.

Further, total cargo handled by ports situated in Gujarat is expected to increase from 317.20 mt in 2023-24 to 720 mt in 2029-30, at 17.50 per cent CAGR. The company owns 80 vessels (barges, tugs, floating cranes, mini-bulk carriers) and 370 earth-moving equipment as on March 2025 and has handled 15.71 mt of cargo in 2024-25.

SSGL’s customers include marquee names such as Reliance group, Tata International, Adani Enterprises, ACC Cement, Ambuja Cement, UltraTech Cement, Torrent Power, etc.

For the three-year period ended 31 March 2023, 31 March 2024 and 31 March 2025, SSGL invested Rs162.08 crore in its fleet of vessels, vehicles and equipment. The company proposes to utilise Rs251.18 crore from the fresh proceeds of the IPO to acquire dry bulk carriers in the secondary market. The total gross block of heavy vehicles and equipment for 2024-25 was Rs545.45 crore. It also engaged with third-party service providers. “However, we intend to continue to operate through an asset-based business model, to expand operational capabilities,” says Krishnaraj Lal, member, promoter family, explains, adding: “Consistent with our expansion strategy, we intend to utilise a portion of proceeds from the public issue to purchase vessels to meet our customers’ requirements, which may enhance our performance and our customers’ service experience with us.”

“We plan to continue to improve our operating margins by focusing on expanding the scope of our value-added services,” he adds. “We will also be offering services that enhance customer experience and improve our overall asset utilisation through economies of scale. The level of integration across our logistics networks will also go up, enhancing our focus on opportunities for dry bulk cargo logistics.”

SSGL plans to focus on expansion of business operations from land to port to capitalise on industry opportunities. It was part of the NEPL-SSGPL-GKR consortium that received a letter of award (LoA) dated 1 January 2025, issued by Eastern Coalfields Limited (ECL) for the development and operation of Chuperbita-Simlong Opencast Project at Godda, Sahibganj and  Pakur District, Jharkhand. The contract, valued at Rs9,476 crore (including GST), involves mining 118.90 million tonnes of coal and 432.31 million cu m of overburden over a 25-year period (contract period) with a peak capacity of 6 million tonnes yearly.

SSGL has received an LoI for setting up floating crane facilities for cargo and container lightening/topping-up at Diamond Harbour and other deep draft locations under Syama Prasad Mookerjee Port, Kolkata, for 15 years.  “We believe that our services for our customer results in various benefits such as improved transit time, reduced wastage and customer rejections and reduced costs, and positions us favourably for additional work at our customers’ other operations and with its affiliates,” sums up Krishnaraj.