77 Mudit Paliwal, Delta Corp Holdings
27th January 2023, by Lloyd's List
Company's founder expects it to trade on New York’s Nasdaq index in 2023 under the ticker DLOG
The asset-light, third-party logistics business reflects new shipping business models emerging, with a focus on expanding markets in India, the Middle East and the African continent, in addition to bunkering, last-mile logistics and other complementary investments
PALIWAL: FIRST OF HIS GENRE TO SEEK A NEW YORK LISTING.
MUDIT Paliwal debuts in Lloyd’s List Top 100 in the middle of taking his asset-light, international dry bulk logistics business public via a listing on New York’s Nasdaq exchange.
The former co-head and executive vice-president of global freight at commodities group, Noble, founded Delta Corp Holdings nearly three years ago, after stints with Norvic Shipping International and Hong Kong-based Caravel Group.
Mr Paliwal is India-born, Dubai-based, with a fast-growing third-party logistics business that focuses on serving expanding markets in India, the Middle East and the African continent. He is the first of his genre to seek a New York listing.
In many ways, Mr Paliwal and Delta Corp represent the new breed of international freight logistics companies that are emerging as London and European maritime dominance shifts from west to east.
Investments are not in ships but shipping, as well as providing bunkering, last-mile logistics and other complementary businesses.
Delta Corp expects to trade under the ticker DLOG in 2023, after agreeing a merger with Nasdaq-listed Coffee Holding Co in September 2022.
The reverse-listing will place Delta Corp — with revenues in excess of $500m over 2021 — in a stronger position to continue its expansion.
Logistics integration strategies are now seen as key to the success of the container sector; Delta’s focus on bulk logistics, bulk energy and asset management aims to show how it can be done for dry bulk and energy freight markets.
This is Mr Paliwal's first appearance in the Top 100.