Transworld shipping lines Limited has announced the signing of a Memorandum of Agreement for the sale of its vessel M.V. SSL Krishna to Avana Logistek Limited. The transaction, valued at USD 11.90 million, was executed on March 20, 2026, and represents a significant asset divestment for the shipping company.

Transaction Details

The vessel sale agreement was structured as a standard commercial transaction with specific terms outlined in the regulatory filing. The company has confirmed that the transaction complies with all applicable SEBI regulations and disclosure requirements.

Regulatory Compliance

The transaction was disclosed pursuant to Clause 5 of Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has provided comprehensive details as required under the amended SEBI circular dated July 11, 2023, and further amended on January 30, 2026.

Key Transaction Characteristics

The agreement represents an arms-length commercial transaction with no related party implications. Transworld Shipping Lines confirmed that:

• Avana Logistek Limited has no shareholding in the company
• The buyer is not related to the promoter or promoter group
• No shares are being issued as part of this transaction
• The transaction does not fall under related party transaction guidelines

Corporate Structure

Transworld Shipping Lines Limited, formerly known as Shreyas Shipping and Logistics Limited, continues its strategic asset management initiatives through this vessel divestment. The company secretary and compliance officer, Namrata Malushte, signed the regulatory disclosure documents confirming adherence to all statutory requirements.

The transaction reflects the company's ongoing fleet optimization strategy and represents a significant cash inflow from asset monetization in the current fiscal year.

Transworld shipping lines Limited has received a positive outcome in a legal matter, with the Hon'ble High Court of Gujarat at Ahmedabad issuing a favorable order on 10th March 2026. The development marks the resolution of an admiralty suit that had resulted in the arrest of one of the company's vessels.

Court Order Details

The High Court order in R/Admiralty Suit No. 05 of 2026 has brought complete resolution to the legal dispute. The plaintiff, who had filed the suit alleging mis-delivery of cargo without tendering the original Bill of Lading, has now withdrawn the case.

Vessel Arrest Vacation and Financial Relief

The court order has provided immediate operational and financial relief to Transworld Shipping Lines. The arrest of vessel SSL Visakhapatnam (IMO 9137521) has been officially vacated, allowing the company to resume normal operations with the vessel.

Additionally, the bank guarantee that had been submitted as security to the court has been ordered for release. This guarantee, issued by HDFC Bank, will now be returned to the company, providing financial relief.

Background and Resolution

The original dispute centered around allegations of cargo mis-delivery without proper documentation. The plaintiff had claimed that cargo was delivered without tendering the original Bill of Lading, which led to the filing of the admiralty suit and subsequent vessel arrest.

However, with the plaintiff's decision to withdraw the suit, the matter has been completely resolved in favor of Transworld Shipping Lines. The company has confirmed that there is no adverse financial or operational impact resulting from this legal development.

Regulatory Compliance

Transworld Shipping Lines has made this disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company had previously issued related disclosures on 13th January 2026 and 15th January 2026, keeping stakeholders informed throughout the legal proceedings.

The resolution of this matter removes a potential operational constraint and financial liability, allowing the company to focus on its core shipping and logistics operations without the burden of ongoing litigation.