This SME Shipping Company Secures USD 12.27 Million ONGC Contract, Deploys Upgraded M.V. Canara Pride
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The stock has given returns of over 49.35 per cent from its 52-week low of Rs 77 per share.
Sadhav Shipping Ltd has commenced commercial operations for its vessel, the M.V. Canara Pride, under a significant contract with the Oil and Natural Gas Corporation Ltd. (ONGC). The deployment began on September 29, 2025, marking a strategic milestone for the company’s offshore services portfolio.
The agreement with ONGC is for a tenure of three years, with a total contract value of USD 12.27 million, approximately Rs 108.9 crore. This high-value assignment underscores Sadhav Shipping’s growing presence in the offshore services sector.
A key factor in securing the contract was the recent technical upgrade of the M.V. Canara Pride. The vessel’s dynamic positioning system was enhanced from DP1 to DP2 capabilities, improving both precision and operational versatility. The company stated that this upgrade has materially increased the vessel’s employability and market value, enabling it to undertake demanding, high-performance offshore tasks.
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The contract reinforces Sadhav Shipping’s commitment to expanding its fleet capabilities and delivering specialized offshore solutions for clients such as ONGC.
About Sadhav Shipping Ltd
Incorporated in 1996, Sadhav Shipping Ltd. is engaged in owning and operating tanker barges, tugs, and vessels, along with providing ship management, repair, and maintenance services. The company operates across three main verticals: offshore logistics, port services, and oil spill response, offering services such as towing offshore assets, transporting men and materials to offshore locations, operating pilot and patrol boats, and managing India’s first port-based Tier 1 Oil Spill Response Facility. With a fleet of 22 vessels, mostly self-owned, and a team of over 200 officers and crew, Sadhav Shipping serves major clients including ONGC, Mumbai Port Authority, Paradip Port Authority, and BPCL, while generating significant revenue from a concentrated client base. The company is also exploring the electrification of its port services to enhance operational efficiency.
The company has a market cap of over Rs 160 crore with a PE of 14.1x, an ROE of 12.5 per cent and an ROCE of 13.1 per cent. The stock has given returns of over 49.35 per cent from its 52-week low of Rs 77 per share.
Disclaimer: The article is for informational purposes only and not investment advice