Shreyas Shipping Turns Around
Aiswarya Lakshmi
Thursday, May 28, 2015
Shreyas Shipping and Logistics swung to a net profit of Rs. 61.75 crore (about $9.6 million) in the fiscal year ended March 31, a big turnaround from its loss of Rs. 4.32 crore ($675,000) in the previous year.
According to Rajesh Desai, CFO, Shreyas Shipping, better fleet utilisation and weak crude prices helped Shreyas Shipping turn corner in the March quarter.
The decision to replace old fleet with new fuel economical fleet helped in utilisation of upto 70-80 percent last year, said Desai. He added the company is looking to buy more vessels over the next 24 months.
Shreyas has recently received an approval for acquisition of one container vessel ‘M. V. OEL BHARAT’ of 2900 teus. The board of directors at their meeting held on April 30, 2015 has approved for the same. This acquisition forms part of the vessel acquisition plan informed by the company on March 23, 2015.
Shreyas was incorporated primarily to own and operate vessels for feedering of containers between Indian ports and internationally renowned container transshipment ports.