Transworld Shipping Lines Buys Two Vessels for $42.78 Million

Transworld Shipping Lines Ltd, through its wholly owned subsidiary Transworld Sea-Connect IFSC Private Limited, has entered into a Memorandum of Agreement (MOA) to purchase two vessels, OEL Surya and OEL Varun, from Orient Express Lines Inc. The total consideration for the acquisition amounts to US$42,780,000 (US$22,030,000 for OEL Surya and US$20,750,000 for OEL Varun). The transaction is considered a related party transaction and has been conducted on an arm's length basis. Both the buyer and seller are under common ultimate ownership/control.