August 30, 2008

Transworld group to buy two more vessels from China

The Hindu reported that Mumbai based Transworld group, which owns 16 shipping vessels and operates 13 feeder services, has placed an order for 2 more new vessels of 1,800 TEU capacity from China.

Mr Ramesh Ramakrishnan chairman of Transworld group said that the new ships are to be built at the Wenchong Shipyard in the Guang Zhau province of China at a cost of over USD 80 million. He added that the logistics division of the shipping conglomerate formalized an exclusive contract with Maruti Udyog Limited for the movement of Maruti cars to Kerala through coastal shipping mode. It is now carrying 250 cars per week and the figures were likely to be increased shortly.

Mr Ramakrishnan said that the finalization of this contract would definitely increase the company’s business in coastal shipping, which was in the range of 1,100 TEUs. He added that the container throughput of Orient Express Lines, the flagship company’s of the group, had grown steadily over the years and in the year 2007, it had moved close to 500,000 TEUs.