Chowgule Steamships is a publicly listed company that has fundamentally transformed from a traditional shipowner into a group treasury and property company. After a family settlement in 2021, the company sold or returned every vessel it owned, wound down its entire overseas subsidiary structure, and redeployed its accumulated reserves into a closed-loop system of lending and leasing to other ventures controlled by the same promoter family. The recurring approach is simple: the company uses its own balance sheet - its land, its cash, and its listed-company status - to provide space and capital to related-party port, shiprepair, and vessel-operating businesses, earning rent and interest in return. # Business segments A single engine with two interdependent pistons - leasing land to related-party maritime ventures and lending money to them - that together recycle the company's legacy assets into a steady fee-based income stream. ## 1. Property leasing: the landlord to a family of maritime businesses **The company owns land and buildings adjacent to related-party port and shiprepair operations, then leases those properties back to them - creating a captive, long-term rental income stream from tenants who need the space to expand.** - **Location is the lock-in** - the properties sit right next to the premises of the lessee companies, so those related parties have a natural, operational reason to keep renting rather than look elsewhere. - **Two anchor tenants** - the key lessees are Chowgule Lavgan Shiprepair Private Limited, a ship-repairing and engineering company, and Angre Port Private Limited, a port operations company, with proposed annual lease fees of up to ₹300 lakhs each. - **Land bank with a plan** - the Board has approved leasing or selling up to 40 acres of land at Ratnagiri to these same two related parties, turning a non-operating asset into a source of future rental or sale proceeds. - **Built to last** - the building component of investment property is depreciated over 30 years, reflecting a long-horizon view of the assets, while future minimum lease receipts of over ₹642 lakhs were already contracted for periods up to five years as of FY24. ## 2. Inter-corporate lending: the group's in-house financier **The company takes its own internal reserves and lends them out as interest-bearing deposits and loans to promoter-group entities, earning a steady coupon on capital that would otherwise sit idle.** - **Lending to the family** - the primary borrowers are Angre Port Private Limited and Dolphin Investments Limited, a promoter entity, with proposed deposit limits of up to ₹1,000 lakhs each, all carrying interest at arm's-length rates. - **Self-funded, not borrowed** - the company deploys its own internal accruals to fund these loans, meaning it does not borrow from banks to lend onward; it simply recycles its own cash. - **A portfolio beyond loans** - the company also holds quoted equity shares and mutual fund investments measured at fair value, adding a layer of liquid financial assets to its treasury function. # Group structure and partners **The company is a tightly held family vehicle - promoters own nearly three-quarters of the equity, every material business relationship is with a related party, and the overseas subsidiary structure that once defined it has been fully dissolved.** - The promoter and promoter group held 72.13% of the equity as of March 2026, with Chowgule and Company Private Limited alone holding over 48% at the consolidated level. - Control was reshaped by a family settlement in January 2021 that divided the Group's companies into two camps; the faction led by Mr. Vijay V. Chowgule took management control of Chowgule Steamships, though arbitration over implementation was later invoked by Group B. - The company's former 100% subsidiary in Guernsey - Chowgule Steamships Overseas Limited - once owned four step-down vessel-owning entities in the Marshall Islands, but all vessels were sold, the subsidiaries were closed, and the parent was placed into voluntary liquidation in March 2024 and finally dissolved in June 2025. - The company has no holding or subsidiary relationship with any of its key counterparties - the port, shiprepair, fiberglass-ship, vessel-operating, and advisory entities are all separate promoter-group companies, not subsidiaries, making every transaction a related-party one that requires shareholder approval by special resolution.