Transworld to aquire four new ships worth SG\$ 166 million

Singapore, Aug 20 (UNI) Mumbai-based Transworld Group of companies are investing 166 million Singapore dollars on four new container vessels as part of its fleet expansion for the growing Asian trade.

This is the first time the 30-year old group is investing in new ships, mostly to be deployed in South Asia, Middle East and Southeast Asia, said company chairman Ramesh S Ramakrishnan at a press conference held in Singapore today.

Transworld subsidiary Shreyas World Navigation Pte Ltd is to take delivery of the second ship in September, having already received and deployed the first ship in June this year on the Singapore-Malaysia-Bangladesh trade route.

Two other ships being built in Singapore would join the Transworld fleet next February and next June.

Each ship is of 13,000 deadweight tonnes and cost 41.5 million dollars. Transworld had awarded the four-ship building contract to Singapore Technologies Marine Ltd in January 2005.

Presently, Transworld operates a fleet of 30 ships, 18 of which are wholly-owned. The family-owned company, founded in December 1977, has till now invested in second hand ships. It has now decided to invest in new ships due to tighter supply of vessels and strong ocean trade demand, Mr Ramakrishnan said.

UNI