Shreyas Shipping and Logistics limited acquires its ‘First’ bulk carrier vessel

MUMBAI : Shreyas Shipping and Logistics Limited, (hereinafter referred as ‘Shreyas’), a part of Transworld Group of Companies, has announced the acquisition of one bulk carrier vessel. With this acquisition, Shreyas embarks into a new line of business of owning bulk carrier vessels. This is Shreyas’ first bulk carrier, which has been acquired for USD 14.175 mio. The second bulk carrier vessel is expected to be delivered by end of November 2021.

Mr. S. Ramakrishnan, Executive Chairman, Shreyas Shipping and Logistics Limited shared his thoughts on this occasion “It gives me immense pleasure to announce that the Company has acquired its first bulk carrier vessel which will be renamed as TBC Badrinath. With this, the vessel strength of the company stands at 12 ships. As advised earlier, we are likely to get the delivery of our second bulk carrier by end of November 2021. Our strengths built around Excellence in Leadership, Process, People and market penetration will be the key to sustainability and growth. We can look forward to a year full of opportunities and growth.”

Capt. Milind Patankar, Managing Director, Shreyas Shipping and Logistics Limited also shared his thoughts “We are excited about this new acquisition. We are confident of the growth potential of bulk carrier vessels. With this acquisition, we plan to leverage the Company’s position in the industry as a leading diversified ship owning Company in India.”

Shreyas also recently announced its unaudited financial results for the quarter and half year ended 30th September, 2021. Consequent to the completion of the transaction with Unifeeder ISC FZCO as on 30th June, 2021, the quarter ended 30th September, 2021 was the first quarter of the Company’s business as ship owners.

For the current quarter, Shreyas posted Profit before tax of Rs. 29.92 cr against Rs. 103.05 cr for the previous quarter ended 30th June 2021. It may be noted that the profits of the previous quarter included an exceptional item i.e. profit on sale of investment to the tune of Rs. 70.11 cr.