Shreyas Shipping Acquires Balaji Shipping
India’s Shreyas Shipping and Logistics has approved plans for its subsidiary Shreyas Relay Systems (SRS) to acquire 99.9% of Balaji Shipping Lines from Transworld Holding (TWH). Shreyas Shipping said that consequent to the said issue, the company would hold less than 50 percent of the shareholding in SRS. It also said that as consideration for deal, the company will issue fully paid up equity shares to TWH. Dubai-headquartered Balaji Shipping Lines is engaged in refrigerated and dry cargo transport between the Indian subcontinent and the Middle East. It has a presence in Dubai, Saudi Arabia, Oman and UK through its subsidiaries. “Upon the said acquisition…
Shreyas Acquiring Additional Vessels to Expand Fleet
Mumbai-based Shreyas Shipping and Logistics Ltd (SSL), part of global conglomerate Transworld Group, has acquired two container ships to boost its fleet to 8 vessels from earlier 6 vessels. In a filing to the stock exchange, the company said that the newly acquired ships would be plying in domestic as well as international waters. The company also plans to introduce additional 5two vessels within a years’ time. SSL Bharat with a capacity of 2,959 Twenty-Foot Equivalent Units (TEUs) of containers was delivered at Jebel Ali, Dubai, on Thursday. SSL Chennai of 700 TEUs capacity was added to the fleet at Port Kelang, Malaysia on July 14. Following the induction, SSL’s fully-owned subsidiary Shreyas Relay Systems will commence operations to Bangladesh soon. SSL Chairman and Managing Director S.
Shreyas Sails Back to Black on Shipping Growth
Shreyas Shipping and Logistics rebounded to a US $3.6 million net profit in the third fiscal quarter from a net loss of about $468,000 in the same period in 2013, driven by a significant growth in the shipping activity that has helped the company become a pan-India feeder line. Its total income for the quarter has jumped by 18.37%. "The turnaround in results displays the efficiency of the company. The company expected to perform better, considering the expansion in capacities and support by pragmatic policies of the government to boost economic development of the country," Shreyas Shipping Chairman and Managing Director Ramesh Ramakrishnan said in a press release.
