Shreyas Shipping & Logistics Ltd

Shreyas Shipping & Logistics Ltd

Incorporated as a private limited company Shreyas Shipping (SSL) got its present name and became a public limited company in Dec.'94. Promoted by the Transworld group it heralded the entry of the private sector into container shipping.After liberalisation the company acquired MV Orient Prosperity an 8000-dwt container vessel with a capacity of 405 TEUs which is the first container owned by the private sector in India. Feeder vessels and services form an integral part of the containerised shipping sector.In Nov.'93 the Ship Acquisiton & Licensing Committee permitted Shreyas Shipping to acquire three container feeder vessels. This was the first sanction of its kind accorded to the private sector in over a decade. The company has chartered its course to become a major feeder operator in the Bombay-UAE sector for which a strategic alliance has been entered into with X-Press Containers UK. It has also commenced a regular common carrier service connecting Bombay and Colombo. SSL has tied-up with OEL UK for technical know-how shipping operations and procurement of business. Company entered into agreement for taking Two Containers Vessels on lease having a capcity of 1152 teus each from ICICI Ltd. With this acquisiton company increase the fleet to seven. Company started new service between Salaah - Colombo - Tuticorin - Cochin. In 1999-2000 the company has taken on lease two new vessels the Orient Spirit and the Orient Strength. It has commenced service between the ports of Kandla and JNPT which has now become a premiur feeder service not only for providing revenue streams to the company but also precious saving in foreign exchange to the nation.With the help of Government of India company has been able to successfully commence and run a Coastal Feeder Service during 2001.In 2001 company carried out pilot run loading containers at anchorage at minor port at Sikka for transhipment to JNPT. The company is perceiving a sea venture opportunities around the Indian Coast in the area of coastal feedering. In the long run the company has planned to get into Coastal business from Chennai port connecting to HaldiaVizag and Kakinada. During 2002-03 the company acquired 'MV Orient Aishwarya' by availing a foreign loan from ICICI Bank of USD 2.40 million.