Shreyas Shipping cancels MoA

New Delhi, Feb 22 (UNI) Shreyas Shipping and Logistics Ltd today said it has cancelled the Memorandum of Agreement (MoA), which was signed to purchase a petroleum tanker vessel.

The company, in a statement, said the vessel was specifically identified to suit a particular arena of business.

It had conducted exhaustive market research on the prospects and business opportunities in the tanker trade and had formalised a plan for the same.

However, the proposed opportunity for which this tanker was intended to be purchased is not immediately available, it added.

According to the reports, the company had signed the pact in December to acquire the oil tanker for 60 crore.

The company will continue its exploration of opportunities in this segment of business, the statement added.

UNI SG SR SSC1211