TRANSWORLD SHIP LINES LTD

Operates a fleet of 11 vessels (9 container feeders and 2 dry bulk carriers) and earns revenue primarily from two segments. The Shipping segment, which contributed 64.4% of FY26 segment revenue at Rs 356.7 crore, runs the company's owned vessels on time charter, with all container vessels currently chartered to a single counterparty, Avana Logistek Limited. The Freight Forwarding segment, 32.8% of segment revenue at Rs 181.76 crore, arranges cargo movement for shippers using both own and third-party capacity. An 'Others' segment contributed 2.8% (Rs 15.36 crore) from incidental activities. The biggest cost line is other operating expenses at 67.6% of revenue (covering charter hire, bunker fuel and port costs), followed by employee costs at 24.5% and depreciation at 18.3%; there is no material cost. The company is mid-way through a fleet restructuring — it has sold SSL Krishna, delivered SSL Thamirabarani, signed an MOA to sell SSL Visakhapatnam, and has agreements to sell four more container ships to Avana Logistek, while it is exploring new container vessel orders and a Handysize bulk joint venture with Bainbridge Navigation.