MOA signed for purchase of OEL Surya and OEL Varun vessels from Orient Express Lines Inc
Wholly owned unit Transworld Sea-Connect IFSC signed a Memorandum of Agreement to buy two vessels from Orient Express Lines Inc. — OEL Surya for US$ 22,030,000 and OEL Varun for US$ 20,750,000.
By ScoutQuest · · 2 min read
- Price for OEL Surya
- US$ 22,030,000
- Price for OEL Varun
- US$ 20,750,000
- Agreement received by Company on
- 24th October 2026
What the company told the exchanges
Transworld Shipping Lines Ltd has informed BSE and NSE that it has signed a Memorandum of Agreement for the purchase of two vessels, OEL Surya and OEL Varun, from Orient Express Lines Inc. The agreement was received by the Company on 24th October 2026.
Who is buying and who is selling
- The buyer is Transworld Sea-Connect IFSC Private Limited, a wholly owned subsidiary of Transworld Shipping Lines Ltd.
- The seller is Orient Express Lines Inc., Panama.
- The update states that the buyer and the seller are under common ultimate ownership / control.
What is being paid
- OEL Surya: US$ 22,030,000.
- OEL Varun: US$ 20,750,000.
These are the consideration figures stated against each vessel in the annexure to the update.
Related party angle
The update confirms that the transaction falls within related party transactions and states that it is undertaken on an arm's length basis. The company holds 100% of the buyer; the seller's shareholding is marked N.A.
What the annexure marks as NA
- Significant terms of the agreement, such as special rights, right to appoint directors, first right to share subscription or a right to restrict changes in capital structure.
- Any issuance of shares to the parties, and the issue price or class of shares.
- Other disclosures such as nominee directors on the board or potential conflict of interest.
What to take away
This is a fleet addition being carried out through a wholly owned subsidiary rather than by the listed entity directly. Both vessels are being bought from an entity under common ultimate ownership, at prices stated in US dollars, and on an arm's length basis as stated in the update.
Also from Transworld Shipping Lines
Board meet on 6 November 2026 to consider September quarter results and interim dividend, if any
21 Oct 2026
Signs MOA to buy vessel SALTWIND EXPLORER for US$ 16,500,000
19 Oct 2026
Sale of vessel M.V. SSL Sabarimalai completed, delivered at Vishakhapatnam
5 Oct 2026
More numbers
- Consideration for vessel OEL SuryaUS$ 22,030,000
- Consideration for vessel OEL VarunUS$ 20,750,000
- Company's shareholding in Transworld Sea-Connect IFSC Private Limited100%
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