India’s Shreeji Shipping sets sights on supramax bulkers

India’s Shreeji Shipping has filed papers with market regulator SEBI seeking approval to raise funds for fleet expansion through an initial public offering (IPO).

The flagship company of Jamnagar-based Shreeji Group, led by Ashokumar Haridas Lal and Jitendra Haridas Lal, is planning to use roughly $33.5m from the IPO proceeds to buy secondhand supramax bulk carriers and some $2.2m for repaying debt.

Shreeji operates along India’s west coast with services spanning major ports and internationally in locations such as Puttalam Port in Sri Lanka.

As of last September, the company counts a fleet of more than 75 vessels consisting of barges, mini bulk carriers, tugs, and floating cranes, implying that the new vessel additions would mark its entry into the supramax trades.

Shreeji said it has identified the 2009-built 58,743 dwt Kapta Mathios from Mykonos Shipping and the 2012-built 55,700 dwt Glovis Mermaid (pictured) from Unity Maritime as the main candidates for the fleet expansion. Online pricing portal VesselsValue estimates the ships as worth $12.4m and $17.2m, respectively.