Transworld Shipping Lines Limited (formerly known as Shreyas Shipping and Logistics Limited) held its 37th Annual General Meeting (AGM) on August 22, 2025, through video conferencing. The shareholders approved all six resolutions presented at the meeting with an overwhelming majority.

Key Highlights

• The company declared a dividend of 15% (Rs. 1.50 per equity share) for the financial year ended March 31, 2025.
• Shareholders approved the re-appointment of Mr. Ritesh Sivaswamy Ramakrishnan as a Non-Executive, Non-Independent Director.
• Mr. Ajit George Paul and Mr. Ratnagiri Sivaram Krishnan were re-appointed as Non-Executive Independent Directors.
• The appointment of Mr. B Durgaprasad Rai as the Secretarial Auditor was approved.

Financial Performance

Executive Chairman Sivaswamy Ramakrishnan Iyer highlighted the company's strong financial turnaround in FY 2024-25:

Corporate Developments

Mr. Iyer noted several significant developments:

• The company was renamed from Shreyas Shipping and Logistics Limited to Transworld Shipping Lines Limited, effective September 23, 2024.
• A long-term charter agreement with Avana Logistek Limited (a Unifeeder subsidiary) ensures stable vessel deployment.
• The company has diversified into coastal dry bulk operations with two handysize carriers under a pool arrangement.
• Plans are in place to acquire 100% equity in Transworld Integrated Logistek Pvt. Ltd. and Transworld Logistics Pvt. Ltd.
• A partnership with Bainbridge Navigation DMCC is being established to create a UAE-based shipping pool focused on the Handysize segment.

Industry Outlook

The Chairman provided insights into the shipping industry's outlook:

• The global container shipping market is estimated at USD 119.65 billion in 2025 and is expected to reach USD 139.45 billion by 2030, growing at a CAGR of 3.11%.
• India is the fastest-growing container shipping market in Asia-Pacific, benefiting from expanding trade and modernized port infrastructure.
• The dry bulk shipping market is expected to face subdued growth in 2025, with a modest recovery anticipated in 2026.

Corporate Social Responsibility

The company reported that its CSR initiatives impacted nearly 18,000 beneficiaries, with 51% employee participation. Flagship programs like Beach Warriors and Olive Ridley Turtle Conservation contribute to coastal health and biodiversity preservation.

Audit Qualifications

The meeting addressed an audit qualification regarding the reversal of an insurance claim recoverable of Rs. 1,341.00 lakhs. Management stated that this reversal does not affect the company's net worth or total assets as of March 31, 2025.

The AGM, which began at 11:00 AM IST, concluded at 12:30 PM IST, with 43 shareholders representing 15,484,953 equity shares in attendance through the virtual platform.

Transworld Shipping Lines Limited , formerly known as Shreyas Shipping and Logistics Limited, has announced a significant expansion of its operations in the United Arab Emirates (UAE) market. The company has established a joint venture partnership with Bainbridge Navigation DMCC, marking a strategic move to strengthen its presence in the region's shipping industry.

Joint Venture Details

The Board of Directors of Transworld Shipping Lines has approved the formation of a new joint venture company (JVCo) in the UAE. This venture will be established in partnership with Bainbridge Navigation DMCC, a company incorporated under the laws of the Dubai Multi Commodities Centre (DMCC).

Key points of the joint venture include:

• Ownership Structure: Transworld Shipping Lines will hold a 60% stake in the JVCo, with Bainbridge Navigation DMCC owning the remaining 40%.
• Investment: Transworld's investment in the JVCo will not exceed INR 75.00 lakhs (approximately $90,000).
• Focus: The JVCo will establish a shipping pool company centered on the Handysize vessel segment.
• Objective: The primary aim is to consolidate operations and enhance efficiency in the dry bulk shipping market.

Strategic Implications

This partnership represents a significant step for Transworld Shipping Lines in expanding its global footprint. The joint venture is expected to:

1. Consolidate operations in the Handysize vessel segment
2. Improve operational efficiency in the dry bulk shipping market
3. Strengthen Transworld's position in the UAE and broader Middle East region

Corporate Governance

The joint venture agreement includes several key governance provisions:

• The JVCo's board will have an equal number of directors nominated by each party.
• A one-year lock-in period prevents either party from transferring or selling their shareholding to third parties.
• The parties have agreed on an eight-year business plan for the JVCo.

Financial Contributions and Benefits

Transworld Shipping Lines will contribute its owned vessels to the JVCo. In return, the company will:

• Receive dividends on its equity capital
• Earn charter hire income from the vessels contributed to the JVCo

Market Context

This expansion comes at a time when the shipping industry is facing challenges. Transworld Shipping Lines' recent financial results showed:

The company currently operates a fleet of 12 vessels, including 10 container feeder vessels and 2 dry handy size bulk vessels.

Conclusion

The joint venture with Bainbridge in the UAE represents a strategic move by Transworld Shipping Lines to strengthen its market position and operational efficiency in the dry bulk shipping sector. As the shipping industry navigates through challenging times, this partnership could provide Transworld with new opportunities for growth and improved performance in the competitive global shipping market.