Shreyas Shipping eyes Dubai, Singapore

The Mumbai-based coastal shipping line Shreyas Shipping & Logistics is planning to start services to Dubai, Singapore, Bangladesh and Burma, after launching service to Pakistan.

Shreyas Shipping had earlier secured an exclusive contract from Reliance Industries for movement of approximately 60,000 mt per annum of polymer from India to Karachi. At present, the company has services to Colombo.

Chairman and managing director S Ramakrishnan said: "The company is targeting services to Bangladesh and Burma in its first phase. Later, it will extend it to Dubai and Singapore."

Meanwhile, the company has upgraded its frequency to Karachi by deploying another 550 twenty foot equivalent unit (TEU) container vessel on the route. Now, there will be a service in every five days covering Nhava Sheva, Kandla and Karachi.

Shreyas will also extend its operations by setting up inland facilities for aggregation, warehousing, transportation, storage, packing, repacking and distribution.

Shreyas has earmarked Rs 350 crore for acquiring three second-hand container vessels, one new built vessel from Singapore and setting up of infrastructure facilities for terrestrial onshore logistics services.

The fund will be raised through debt, internal accruals and equity. "The company is targeting a 30 per cent growth in top line and bottom line growth in 2006-07. The company will position itself as a complete and total logistics solution provider in the Indian subcontinent," Shreyas Shipping Executive Director Anil Devli said.

Ramakrishnan said Shreyas Shipping will have 15 container vessels in its fleet by 2010 which will focus in Southern and Northern region of the country.