Shreyas Shipping News

Shreyas Shipping and Logistics Ltd, the Indian-flagged vessel-owning firm of Transworld Group of companies said Tuesday that it had acquired three container vessels within just one week. The three vessels have been renamed as SSL Godavari, SSL Kaveri, and SSL Thamirabarani, and according to VesselFinder.com, the vessels' previous names were Windermere, TS MANILA, and Sky Pride, respectively.The SSL Godavari has a capacity of 2,872 TEUs, while the SSL Kaveri and SSL Thamirabarani have a capacity of 2,553 TEUs and 962 TEUs, respectively. The company said the purchase made it "the national leader in the Indian containerized shipping industry with 12 feeder vessels with a total capacity of 26…

Responders are facing challenging monsoon season conditions as they work to salvage a containership that caught fire and grounded in the in the Bay of Bengal last month.The stricken containership SSL Kolkata remains aground in soft mud some 7.5 nautical miles off the Indian Sunderbans, Kolkata, West Bengal, after an explosion in one of the containers lit a fire on board the vessel on June 13.An oil spill response team from OSRL has arrived on scene and is the process of managing the counter pollution operations as responders battle challenging weather conditions…

Indian flagged vessel owning unit of Dubai-headquartered Transworld Group Shreyas Shipping and Logistics (SSL) announced that the company has taken deliveries of its three vessels.   In a stock exchange filing the container feeder owning and operating company said that it has taken deliveries of M.V. SSL Ganga (container vessel - 1500 teus), M.V. SSL Brahmaputra (container vessel - 4200 teus) and M.V. SSL Balaji (multipurpose vessel - 650 teus).   The company has also entered into Memorandum of Agreement (MOA) for sale of one vessel - SSL Sagarmala.   The company began primarily to fill the gap for container feeder between Indian ports and internationally renowned transshipment ports such as Dubai, Khorfakkan, Jebel Ali, Colombo and Singapore.

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 Shipping & Logistics Ltd reported weak set of earnings in its third quarter earnings on Friday. Net profit fell a staggering 88 percent to Rs 2.77 crore year-on-year (YoY) and EBITDA margins dipped 17.4 percentage points to 6.4 percent (YoY). It has reported a consolidated total income from operations of Rs 141.14 crore and a net profit of Rs 2.77 crore for the quarter ended Dec '15. For the quarter ended Dec 2014 the consolidated total income from operations was Rs 139.83 crore and net profit was Rs 22.38 crore. VK Singh, CEO of Shreyas said that the even though capacity had increased but low demand due to global meltdown impacted this quarter. Revenue growth was limited as freight rates fell 30 percent this quarter, he added.

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 Shipping and Logistics swung to a net profit of Rs. 61.75 crore (about $9.6 million) in the fiscal year ended March 31, a big turnaround from its loss of Rs. 4.32 crore ($675,000) in the previous year. According to Rajesh Desai, CFO, Shreyas Shipping, better fleet utilisation and weak crude prices helped Shreyas Shipping   turn corner in the March quarter. The decision to replace old fleet with new fuel economical fleet helped in utilisation of upto 70-80 percent last year, said Desai. He added the company is looking to buy more vessels over the next 24 months. Shreyas  has recently received an approval for acquisition of one container vessel ‘M. V. OEL BHARAT’ of 2900 teus. The board of directors at their meeting held on April 30, 2015 has approved for the same.

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.

Shreyas Shipping & Logistics Company has taken the delivery of the Independent Spirit of 1,300 Teu capacity, built in 1991, on December 15, 2006. The purchase of Independent Spirit will enable the company to enhance the fleet capacity to meet the growth in its logistics business. Shreyas Shipping & Logistics is a container feeder shipping company in India. The company has six ships, out of which four ships, OEL Aishwarya, Orient Independence, OEL Patriot and OEL Victory are deployed in west coast Colombo, coastal and Shreyas India Pakistan (SIP) service. Source: Myiris