Transworld Shipping Lines Ltd, has signed a memorandum of agreement through its wholly owned subsidiary, Transworld Sea-Connect IFSC Pvt Ltd, to acquire two container vessels, OEL Surya and OEL Varun, from Orient Express Lines Inc for about ₹406 crore.
The acquisition was approved by the board and the vessels were delivered on September 24.
Vessels to strengthen shipping operations
The acquisition consideration is $22.03 million for OEL Surya and $20.75 million for OEL Varun, taking the combined value to $42.78 million.
Both vessels were built in 2006 and have a nominal capacity of 2,478 twenty-foot equivalent units (TEUs) each. They are 207.53 metres long and have a service speed of 20.5 knots, according to the group’s fleet details.
Transactions on arm’s-length basis
The buyer and seller are under common ultimate ownership and control. The transactions will be undertaken on an arm’s-length basis, with the acquisitions subject to required approvals, including shareholder consent.
Fleet renewal gathers pace
Transworld operates in shipping and freight forwarding, with container vessels serving regional trade routes across the Indian subcontinent, the Middle East and Southeast Asia. Its wider group also provides vessel management and maritime services.
The company also signed an agreement on September 19 to purchase the vessel Saltwind Explorer for $16.5 million, adding to its recent fleet acquisition activity.
Delivers M.V. Sabarimala
Transworld Shipping, a shipping and logistics company, formerly known as Shreyas Shipping and Logistics Ltd. also sold M.V. SSL Sabarimalai, to Avana Logistek Ltd October 5. The vessel was delivered at Vishakhapatnam.