Transworld Shipping Lines Ltd Management Discussions

ECONOMIC REVIEW GLOBAL ECONOMY

While the global economy adjusted to a landscape reshaped by higher trade barriers, new policy measures and elevated uncertainties due to the West Asia war, positive factors that kept the momentum going have been rising international trade, continuous technological innovation and stable energy markets. From a growing middle class to expanding trade and faster, market-driven clean energy adoption, the year delivered tangible progress for the developing economies, despite a difficult global backdrop, and will usher in newer opportunities for growth.

The global growth landscape was marked by uncertainties, leading to volatility across business environments, financial markets, commodity markets, supply chains and capital flows. Supply chain disruptions andgeopoliticaltensionsforcedvesselstoreroutearound the Cape of Good Hope, reducing effective shipping capacity and causing significant volatility in freight rates. The International Monetary Fund (IMF) projected growth to slow to 3.1% in 2026 and 3.2% in 2027, down from 3.4% in 2025, as geopolitical tensions, particularly the conflict in Middle East, weigh on economic activity. IMF warned that the global economy faces renewed risks from the conflict, including disruptions to the commodity markets and tighter financial conditions.

Inflation is projected to continue to decline globally, though with variation across countries. Global headline inflation is projected to rise modestly in 2026 before resuming its decline in 2027. The slowdown in growth and increase in inflation are expected to be particularly pronounced in the emerging market and developing economies.

The war in the Middle East triggered a severe energy crisis. With the closure of the Strait of Hormuz, one of the worlds busiest oil shipping channels, Brent Crude surpassing US$ 120/barrel and gas climbed more than 12%, unleashing a domino effect of consequences – from kerosene shortages to a looming world food crisis. The conflict resulted in over 6.7 million barrels/ day lost in production, stalling regional exports, and triggering massive airfare surges as key Gulf shipping lanes were blocked.

However, international trade grew strongly in 2025, notwithstanding tariff wars, protectionist measures, and onshoring policies. UNCTADs forecast suggests that global trade in goods and services will exceed US$ 35 trillion in 2025, a rise of 7% over 2024. East Asias growth led the way, but African exports also grew strongly. Overall, services growth and South-South trade were leading drivers for EMDE exports.

World GDP growth (Actuals and Projections) (%)

			Projections
	CY2024	CY2025	CY2026	CY2027
World output	3.3	3.4	3.1	3.2
Advanced economies	1.8	1.9	1.8	1.7
Emerging markets and developing economies	4.3	4.4	3.9	4.2
China	5.0	5.0	4.4	4.0
India	6.5	7.6	6.5	6.5

Despite global challenges, India continues to be among the fastest-growing major economies, driven by resilient consumer demand, ongoing infrastructure development, progressive fiscal reforms, and a supportive financial ecosystem. These factors have reinforced economic stability and positioned the country for sustained long-term growth.

CY 2025 marked an inflection point with policy overhauls across the western economies across major global markets, and India being connected to global value chains, did not remain immune to these shifts and faced external shocks and acute effects from these global policy changes.

The fiscal year started on a strong footing as retail sales grew, government spending rebounded, and investment activity remained healthy, driven by significant uptick in government capex, signalling new confidence in infrastructure-led growth. According to WEOs latest report, although India stepped lower to now rank as the worlds 6th largest economy, it continues to maintains its position as the fastest-growing major economy.

The Reserve Bank of India (RBI) continued with its neutral stance on policy rates in the Monetary Policy, while retaining the repo rate at 5.25%. It remains vigilant, closely monitoring the situation and assessing the balance of risks. RBI projects that persistently elevated energy prices due to the West Asia conflict and possible El Nino conditions could pose upside risks to inflation.

While RBI remains committed to judiciously contain excessive or disruptive volatility, it states that the fundamentals of the Indian economy are on a stronger footing, providing it with greater resilience to withstand shocks now than in the past.

Future Outlook

Despitetheheadwinds,Indiaremainssquarelyfocusedon domestic demand to keep growth buoyant and inflation levels low. It has deployed a set of fiscal, monetary and trade reforms that cushioned the economy and set the foundation for future growth. The nation continues to build on its strong foundations of economic growth, structural reforms and social progress with the key ambition of attaining high middle-income status by CY 2047 – the centenary year of its independence. IMF has projected the Indian economy to grow by 6.5% in 2026 with easing tariff pressures and momentum from strong domestic performance supporting the outlook, outweighing the adverse effects from escalating tensions in West Asia.

At a time when global growth is expected to slow to 3.1% and 3.2% in CY 2026 and CY 2027, Indias remarkable performance underscores its resilience and highlights the sustained strength of its economic fundamentals, making the nation a crucial player in the world economic trajectory.

While higher US tariffs could weigh on exports and manufacturing in subsequent quarters, domestic demand should continue to drive growth, supported by easing inflation, GST rationalization, and continued policy support. World Banks Global Economic Prospects (GEP) Report credits Indias growing momentum to a thriving services sector and a revitalised manufacturing base, driven by transformative government initiatives. Although risks persist from trade disruptions and geopolitical tensions, improved employment, credit access, and easing inflation are expected to boost private consumption in the country.

(Source: PIB, , IMF, Deloitte)

INDUSTRY OVERVIEW

Global Infrastructure Industry

Infrastructure is a critical enabler of long-term global economic growth, supporting prosperous societies, elevated standards of living, and every modern industry. The global infrastructure sectors market size, which stood at US$ 2.56 trillion in 2023, is estimated to have grown to US$ 2.89 trillion in CY 2025, and is expected to further grow to reach US$ 3.92 trillion by 2030, growing by a CAGR of 6.27% between 2025-30. The global infrastructure sector market is fuelled by population growth, urbanisation, government expenditures, technological innovations, public-private partnerships, and sustainable development objectives. Rising demand for transportation systems, smart cities, energy efficiency, and infrastructure resilience supports market growth and investment.

https://www.researchandmarkets.com/report/ infrastructure-construction?srsltid=AfmBOopLdsImsnS g4OoY-trvcPKD9spb2vHwW_TDfzNgTzG0-gWYUhw4

Further, increasing environmental concerns are nudging the sector towards sustainable infrastructure. Governments and organisations are putting greater emphasis on green buildings, renewable energy systems, and climate-resilient infrastructure to lower carbon footprints and improve environmental resilience. Sustained industrialisation, especially in developing countries, drives demand for infrastructure development in energy, transportation, and manufacturing industries, generating strong growth in the infrastructure market.

(Source: Spherical insights)

Key driving factors

Technological innovations, such as smart cities, automation, IoT (Internet of Things), and artificial intelligence (AI), are revolutionizing the infrastructure industry. Technologies such as smart grids, intelligent transport systems, and green buildings are fuelling the demand for contemporary, high-technology infrastructure that increases efficiency, sustainability, and resilience. Governments globally are making significant investments in infrastructure development to drive economic growth, generate jobs, and enhance the quality of life. Moreover, numerous governments provide convenient financing facilities and public-private partnerships (PPPs) to encourage investment in infrastructure development.

(Source: Spherical insights)

Need for infrastructure-related investments

A confluence of global forces is accelerating the need for infrastructure investment. Outdated assets, rapid urbanization, geopolitical shifts, and technological advancements are exposing the limitations of yesterdays infrastructure. According to estimates from McKinsey, a cumulative US$ 106 trillion in investment will be necessary through CY 2040 to meet the need for new and updated infrastructure. The required investment spans seven critical infrastructure verticals, with transport and logistics requiring the largest share (US$ 36 trillion), followed by energy and power (US$23 trillion), digital (US$19 trillion), social (US$16 trillion), waste and water infrastructure (US$6 trillion), agriculture (US$5 trillion), and defence (US$2 trillion).

(Source: Mckinsey)

India Infrastructure

Industry

Infrastructure Status for Shipping – A Structural Enabler for Industry Growth

A landmark development for the Indian maritime sector has been the Government of Indias decision to accord infrastructure status to qualifying commercial vessels by including large ships within the Harmonized Master List of Infrastructure under the "Transport and Logistics" sector. This long-awaited policy reform recognizes shipping as a critical national infrastructure asset and reflects the Governments intent to strengthen Indias maritime capabilities, reduce dependence on foreign shipping capacity, and support the broader vision of Maritime Amrit Kaal 2047. The recognition of ships as infrastructure assets is expected to significantly improve the economics of vessel ownership and create a conducive environment for long-term capital investment in the sector.

Infrastructure status has the potential to be transformational for Indian shipping companies as it enables access to long-tenure and competitively priced financing, greater availability of institutional capital, enhanced access to external commercial borrowings, infrastructure-focused lending windows, and other financing mechanisms traditionally available to infrastructure projects. Given the capital-intensive nature of the shipping business, access to lower-cost and longer-duration funding can materially improve fleet expansion economics, strengthen competitiveness of Indian shipowners, and accelerate fleet modernization and green vessel investments. This is particularly relevant at a time when the industry is transitioning towards environmentally sustainable and technologically advanced vessels.

The policy is also expected to generate multiplier benefits for the wider maritime ecosystem. Easier access to capital can stimulate demand for new vessels, create greater opportunities for domestic shipbuilding and ship repair, encourage investment in maritime infrastructure, and support the development of ancillary industries. Combined with other Government initiatives such as Sagarmala, Maritime India Vision 2030, the Maritime Development Fund (MDF), and measures aimed at increasing Indias share of global shipping and shipbuilding, the infrastructure designation provides a strong policy foundation for sustainable sectoral growth. Over the long term, these initiatives are expected to enhance Indias maritime self-reliance, improve logistics efficiency, increase Indian-flagged tonnage, strengthen supply chain resilience, and create significant economic value for the country.

For shipping companies such as ours, this recognition represents more than a financing benefit; it signifies a structural shift in the policy landscape that acknowledges the strategic importance of shipping to Indias economic growth and trade ambitions. As India seeks to emerge as a leading global maritime nation, such reforms are expected to catalyse higher investments, accelerate fleet growth, improve operational competitiveness, and position the domestic shipping industry for sustained long-term expansion.

Infrastructure investment increased from Rs 11.2 lakh crore in Union Budget 2025-26 to an estimated 12.2 lakh crore in Budget 2026–27, and vis-?-vis 2 lakh crore in FY 2014-15, maintaining its upward trajectory and underscoring the Governments commitment to infrastructure-led growth. Union Budget 2026–27 continued the momentum in the sector by announcing new measures to strengthen financing instruments, expand public capital expenditure, and support risk mitigation and asset monetisation. These initiatives reflect the vision of Viksit Bharat, where modern infrastructure serves as its foundation.

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Infrastructure momentum during the CY 2025 marked a visible change on the ground with several high-impact projects up and reshaping travel, trade and urban mobility, reflecting a coordinated push to improve connectivity across regions and within cities. Landmark projects such as the Samruddhi Mahamarg, Sonamarg Tunnel, Dwarka Expressway and Ganga Expressway are expected to be the game-changers for regional connectivity and economic activity.

Private sector – a key in Indias infrastructure financing

In a key development, India has emerged as the largest recipient of private participation in infrastructure investment in South Asia, accounting for over 90% of the regions total investment. Institutions like the National Investment and Infrastructure Fund (NIIF) and the National Bank for Financing Infrastructure and Development (NaBFID) have emerged as pivotal anchors, mobilising global and domestic capital and providing long-term development finance to strengthen Indias infrastructure ecosystem. Alongside these institutions, instruments such as Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) have enabled monetisation of completed assets and recycling of funds into new projects.

infrastructure programmes

National Infrastructure Pipeline (NIP)

The National Infrastructure Pipeline (NIP) is a first-of-its-kind, whole-of-government exercise to provide world-class infrastructure to citizens and improving their quality of life. It aims to improve project preparation and attract investments into infrastructure. Growing urbanisation, increasing working-age population, shift to a services-based economy and climate change are some of the factors that will require a further boost to Indias infrastructure sector and amplify need for the National Infrastructure Pipeline.

14,886 63

projects Sub-sectors

US$ 1,261

2,689.46 bn Projects under Total project cost development

Gati Shakti

Gati Shakti, the US$ 1.3 trillion national master plan for infrastructure, has been a forerunner to bring about systemic and effective reforms in the sector, and has already shown a significant headway. Infrastructure support to the nations manufacturers also remains one of the top agendas as it will significantly transform goods and exports movement making freight delivery effective and economical.

Bharatmala

Bharatmala, under Ministry of Road Transport and Highways, Government of India, is an umbrella program forthehighwayssectorinIndiathatfocusesonoptimising efficiency of freight and passenger movement across the country by bridging critical infrastructure gaps. Special emphasis will be given on providing connectivity to far-flung border and rural areas. The Bharatmala Pariyojana envisages development of about 26,000 km length of Economic Corridors, which along with Golden Quadrilateral (GQ) and North-South and East-West (NS-EW) Corridors are expected to carry majority of the Freight Traffic on roads.

Sagarmala

Sagarmala Programme, a flagship initiative to transform India into a global maritime hub is a core pillar of the Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047. Launched in CY 2015, Sagarmala represents a decisive shift in Indias development strategy – from infrastructure in isolation to port-led development. Sagarmala focuses on cutting logistics costs, enhancing trade efficiency, and creating employment through smarter, greener transport networks With over 845 projects worth more than 6 lakh crore to be implemented by 2035, with 272 projects worth 1.41 lakh crore already completed, and 217 projects worth 1.65 lakh crore under implementation, Sagarmala is one of the largest maritime infrastructure initiatives undertaken by any country.

Key Objectives of Sagarmala

The results of Sagarmala have already begun to show. Indias major ports have handled record cargo volumes in recent years, while improvements in operational efficiency—such as reduced vessel turnaround times—signal a gradual but significant transformation in port performance. As an example, the average vessel turnaround time for Indias ports has almost halved from 96 hours in CY 2014 to 49.5 hours in CY 2025. Sagarmalas real strength lies in its integrated approach, built around multiple interconnected pillars that collectively aim to transform the maritime landscape.

Sagarmala 2.0

Looking ahead, the proposed Sagarmala 2.0 signals the next phase of this maritime transformation. With a significantly larger investment outlook and a broader vision aligned with long-term national goals, the next phase aims to position India as a global maritime hub. It seeks to deepen integration, enhance sustainability, and foster innovation, while continuing to focus on inclusive growth.

Efficient logistics, robust infrastructure, and competitive trade systems are essential components of economic growth, and Sagarmala, in its vision and execution, addresses all three of these. It represents a strategic shift in how India views its geography—not as a constraint, but as an opportunity. By leveraging its coastline and waterways, India is positioning itself to become a key player in global trade.

Atmanirbhar Bharat and National Fleet Expansion

In response to geopolitical supply chain vulnerabilities and capacity shortages, the Government of India has proposed the Bharat Container Lines initiative as part of its Atmanirbhar Bharat vision. The initiative is designed to establish a national container shipping carrier with a projected investment of approximately 59,000 crore. Its objective is to strengthen Indias maritime self-reliance by expanding the national fleet and creating seamless integration between sea transport, rail connectivity, and warehousing infrastructure. This integrated logistics network is intended to reduce dependence on foreign shipping lines, improve supply chain resilience, and enhance Indias ability to manage strategic trade flows efficiently.

Government Support Packages

To strengthen Indias maritime ecosystem under the Atmanirbhar Bharat initiative, the Government has announced a comprehensive support package totalling 69,725 crore for the domestic shipping and shipbuilding industry.ThispackageincludestheShipbuildingFinancial Assistance Scheme (SBFAS), with a corpus of 20,416 crore, aimed at enhancing the global competitiveness of Indian shipyards through direct financial support. This also includes the Maritime Development Fund (MDF), with an allocation of up to 20,000 crore, designed to provide shipbuilders and vessel operators with access to long-term, low-cost capital. Together, these measures are intended to accelerate fleet expansion, promote indigenous shipbuilding, and reduce Indias dependence on foreign-owned vessels for critical trade and energy transportation.

Industry Outlook

India is estimated to need an investment of US$ 840 billion over the next 15 years into urban infrastructure to cater to the ever-rising needs of its fast-growing population. This investment will only be rational as well as sustainable, additionally focusing on long-term maintenance and strength of our buildings, bridges, ports, and airports.

Global investment and partnerships in infrastructure, such as the India-Japan forum for development in the Northeast are also indicative of more investments. These initiatives come at a momentous juncture as the country aims for self-reliance in future-ready and sustainable critical infrastructure. India, it is estimated, needs to invest US$ 840 billion over the next 15 years into urban infrastructure to meet the needs of its fast-growing population. This investment will only be rational as well as sustainable, if we additionally focus on long-term maintenance and strength of our buildings, bridges, ports, and airports.

MARITIME

INDUSTRY

Global Maritime Industry

The market size of the global maritime industry, estimated to grow from US$ 2,098.5 billion in CY 2023 to US$ 2,685.9 billion by CY 2033, exhibiting a CAGR of 2.50% during the forecast period 2023-2033. The industry is experiencing steady growth, driven by high demand for container ships, liquified natural gas carriers, and technological advancements in port operations.

The maritime market is currently experiencing a transformativephase,drivenbythebelowadvancements:

Sustainability initiatives are reshaping operational practices across the maritime sector.

Digital transformation is becoming increasingly vital, with Asia-Pacific emerging as a leader in adopting innovative technologies.

Geopolitical influences are affecting shipping routes and logistics strategies, highlighting the need for adaptability in the market.

Technological advancements and regulatory compliance are the key drivers propelling growth in the cargo ships and logistics services segments.

India

Maritime Industry

Indias maritime industry is a vital economic driver handling 95% of the nations trade by volume and 70% by value, underlining the sectors centrality to Indias economy and competitiveness. Supported by a coastline of 7,517 kms, 12 major ports and over 200 minor ports, Indias maritime industry is rapidly growing through initiatives such as Sagarmala and the Maritime India Vision 2030 targeting increased capacity, green shipping, and a global top-5 status by 2047.

Complementing the grant of infrastructure status to large vessels, the Union Government has announced the establishment of a dedicated Maritime Development Fund (MDF) with an initial corpus of 25,000 crore to provide long-term financial support to the shipping, shipbuilding and broader maritime ecosystem. The Fund is envisioned as a specialized financing platform for the maritimesector,withGovernmentparticipationalongside contributions from ports, financial institutions, public sector enterprises and private investors. By addressing one of the industrys most significant constraints—availability of long-term, cost-effective capital—the MDF is expected to catalyse investments across ship acquisition, fleet expansion, shipbuilding infrastructure, maritime logistics and port-linked development projects. The Government has also indicated that the Fund has the potential to crowd in substantial private investment and accelerate the creation of a modern and globally competitive maritime ecosystem.

The significance of the MDF lies in its ability to address the structural financing challenges that have historically constrained the growth of Indian shipping and shipbuilding. Shipping is an inherently capital-intensive industry with long asset life cycles, while shipbuilding requires sizeable investments in infrastructure, technology and specialized capabilities. By facilitating access to patient capital through debt and equity support, the MDF is expected to strengthen the ability of Indian shipowners to expand their fleets, improve fleet quality, invest in sustainable technologies and enhance their competitiveness in global markets. Importantly, the initiative aligns with Indias long-term objective of increasing the share of Indian-flagged vessels in global cargo movement, reducing reliance on foreign carriers and strengthening the countrys maritime self-reliance.

The Maritime Development Fund has been accompanied by a series of complementary policy measures aimed at creating a robust domestic shipbuilding ecosystem. These include the revamp of the Shipbuilding Financial Assistance Policy (SBFAP 2.0) to enhance the competitiveness of Indian shipyards, continued customs duty exemptions on shipbuilding inputs, incentives for vessel recycling and shipbreaking in Indian yards, and support for the development and modernization of shipbuilding infrastructure. Collectively, these initiatives seek to reduce cost disadvantages faced by domestic shipyards, improve order visibility, encourage indigenous manufacturing and promote the development of world-class shipbuilding capabilities within the country.

Particularly noteworthy is the Governments emphasis on creating a circular and self-sustaining maritime ecosystem through measures such as the Credit Note Scheme for ship recycling and incentives for the acquisition of Indian-built vessels. These reforms are expected to stimulate demand across the value chain—from ship design and construction to repair, recycling and maritime services—while generating employment, technological advancement and industrial development. Coupled with investments in port modernization, maritime clusters and logistics infrastructure, the policy framework provides a powerful impetus to positioning India as a leading maritime and shipbuilding hub in the decades ahead.

Taken together, the grant of infrastructure status to vessels and the creation of the Maritime Development Fund represent one of the most comprehensive policy support packages ever extended to the Indian maritime sector. These measures underscore the strategic importance accorded to shipping and shipbuilding within Indias growth agenda and are expected to drive fleet expansion, strengthen domestic shipbuilding capabilities, improve financing availability and enhance the global competitiveness of Indian maritime enterprises. Over the medium to long term, these reforms have the potential to reshape the industrys growth trajectory, reinforce supply-chain resilience and contribute meaningfully to Indias aspiration of becoming a leading global maritime nation.

The Maritime India Vision 2030 charts 150+ initiatives with projected investments of 3-3.5 lakh crore. In FY 2025-26, major ports collectively handled 915 million tonnes of cargo, as compared with 855 million tonnes in 2024-25, surpassing the annual target of 904 MT and marking a year-on-year growth of 7.06%, signalling robust growth in maritime trade and port efficiency. This reaffirms the sectors strong recovery, enhanced operational efficiency, digital initiatives and increased handling of key commodities such as Petroleum, Oil, and Lubricants, containers, and coal.

The milestone underscores the impact of transformative reforms and strategic investments undertaken by the Government to modernise port infrastructure, enhance logistics efficiency, and strengthen Indias position as a leading maritime nation under the Maritime Amrit Kaal Vision 2047.

Navigating Indias Maritime Path

With globalisation deepening supply chain interdependence and India emerging as a major manufacturing and energy hub, the efficiency of ports and shipping directly influences national competitiveness. rom crude oil and coal to electronics, textiles, and agricultural products, the vast majority of imports and exports flow through bustling ports, connecting India to markets around the world.

Maritime India Vision (MIV) 2030

Launched in 2021, the Maritime India Vision 2030 (MIV 2030) is a transformative roadmap designed to position India as a leading global maritime nation. Through more than 150 strategic initiatives focused on port modernisation, capacity expansion, inland waterway development, sustainability, and skill enhancement, the vision aims to drive trade, attract investment, generate employment, and enhance Indias competitiveness in the global maritime sector.

Central Themes of MIV 2030

The Maritime India Vision 2030 identifies ten pivotal themes that will shape Indias journey toward becoming a global maritime powerhouse, positioning the nation at the forefront of the international landscape:

MIV 2030 – Target dates for initiatives
Renewable energy (60%)	2030
Onshore power supply	2030
Energy efficient equipment	2026
Green belt (33%)	2030
Freshwater consumption reduction (20%)	2030
Reuse and recycle waste water	2030
National Green Shipping Policy	2025
Green Shipping Corridor	2027

MIV 2030 projects a total investment of 3–3.5 lakh crore across ports, shipping, and inland waterways. Backed by a recent landmark package of 69,725 crore to boost shipbuilding and revitalise the maritime ecosystem, India is charting a strategic course to leverage its vast coastline to anchor itself firmly on the global maritime map. The targeted allocations and strategic initiatives align seamlessly with the overall vision, translating its projected investments into actionable measures.

SHIPPING AND SHIPBUILDING

INDUSTRY

The ships that carry trade are critical enablers and connectors of the India story. Globally, shipbuilding is led by China (33%), South Korea (18%), Japan (10%), with Rest of the World making up a mere 4%. However, India owns just 1,526 ships, i.e. about 1.2% of the global shipping fleet and has just 0.06% market share in the global shipbuilding market. The nation contributes less than 1%, a drop from the early 2000s when it was in the top 10 shipbuilding countries of the world (Indias Proposed Plan to Revive Domestic Shipbuilding Industry, 2022). However, India has the potential to develop as a shipbuilding hub due to its expertise in heavy engineering, its long coastline, proximity to major trading routes and low-cost labour.

Indias competitive advantages

Eco-system	India has been developing indigenous manufacturing ecosystem that can support heavy manufacturing sectors such as shipbuilding.
Low labour costs	India offers a competitive edge with lower labour costs for this labour-intensive industry compared to other shipbuilding nations.
Strategic location	Indias extensive coastline and proximity to major shipping routes provide a natural advantage for shipyards, helping reduce transportation costs and turnaround time.
Government support	Policy initiatives such as the Scheme for Financial Assistance to Shipyards in India, Maritime Vision 2047, Grant of Infrastructure status provide support to sector.

Revitalising Indias Shipbuilding Industry

Several bills have been introduced in the Parliament such as The Coastal Shipping Bill 2024, The Merchant Shipping Bill 2024 to revitalise the shipbuilding sector. The Government has adopted a 4-pillar strategy to revitalise the Shipbuilding sector. The Government has approved a comprehensive 69,725 crore package to strengthen domestic capacity, maritime financing, shipyard development, skilling, and reforms.

Key components of the package:

1. Shipbuilding Financial Assistance Scheme (SBFAS) with 24,736 crore outlay to enhance scope and address cost disadvantages faced by Indian shipyards against foreign shipyards;

2. Maritime Development Fund (MDF) of 25,000 crore comprising a 20,000 crore Maritime Investment Fund and 5,000 crore Interest Incentivization Fund to strengthen long-term financing in the sector;

3. Shipbuilding Development Scheme (SbDS) with 19,989 crore outlay to expand capacity to 4.5 million Gross Tonnage annually while supporting greenfield shipbuilding clusters; and

4. Initiated policy reforms including implementation of classification of large vessels as infrastructure and demand aggregation. On 19th September 2025, the Government notified infrastructure status to Indian-flagged commercial vessels with a Gross Tonnage (GT) of 10,000 or above. For vessels constructed in India infrastructure status was accorded to vessels of size 1,500 GT or above. As part of demand aggregation, a fleet acquisition plan of 400+ vessels has been prepared which provides long term order visibility to the Indian shipyards.

These laws enacted recently and provisions in Budget 2025-26 are expected to boost the shipbuilding industrys growth and provide impetus to ship ownership in India. Despite these initiatives from the government, a lot more needs to be done such as higher financial assistance in line with what the other nations provide and tax breaks.

Digitalisation and Smart Shipping

A significant advancement in Indias maritime industry is the adoption of modern technologies in the daily operations of shipping companies. The integration of blockchain, artificial intelligence (AI), and the Internet of Things (IoT) at major ports such as Jawaharlal Nehru Port Trust (JNPT) and Mundra Port has improved cargo tracking, automated port operations, and enabled real-time cargo monitoring. These technological innovations have enhanced operational efficiency, reduced cargo turnaround times, and strengthened supply chain management, contributing significantly to the growth and competitiveness of Indias maritime sector.

Sustainability and Green Shipping Initiatives

Another major advancement in Indias maritime industry is the implementation of sustainability initiatives aimed at reducing the environmental impact of shipping operations. The introduction of the Harit Sagar Green Port Guidelines by the Indian government has encouraged ports and shipping companies to adopt renewable energy sources, improve energy efficiency, and reduce carbon emissions.

Additional initiatives, such as the Green Tug Transition Programme, support the adoption of cleaner propulsion systems for tugboats, while the National Green Hydrogen Mission promotes the use of green hydrogen as a sustainable alternative fuel. By integrating these environmentally responsible practices into their operations, shipping companies in India are better positioned to meet Environmental, Social, and Governance (ESG) standards, attract environmentally conscious importers and exporters, and enhance Indias competitiveness in global maritime trade.

PORTS INDUSTRY

Global Ports

The global port infrastructure market size, which was valued at US$ 205.45 billion in CY2024 and US$ 213.38 billion in CY2025, is projected to grow to US$ 290.86 billion by CY2032, exhibiting a CAGR of 4.5% during the forecast period. Port infrastructure refers to physical facilities and structures essential for operations and management of maritime transportation. This includes docks, berths, terminals, warehouses, and cargo-handling equipment that support the loading and unloading of ships. Additionally, essential services such as customs, security, and maintenance are integral parts of ports.

Asia Pacific region – Securing the largest market share

The Asia Pacific region claimed the second-largest market share in 2024, driven by the regions high population density, economic growth, and increasing trade demand. According to the World Shipping Council (WSC), containerised cargo volumes in the region reached 24.8 million TEUs in 2020, accounting for 44% of the global total. Asia Pacific is anticipated to account for the second-highest market size of US$ 56.46 billion in 2025, exhibiting the second-fastest growing CAGR of 4.70% during the forecast period.

This growth is largely attributed to the increasing demand for trade and commerce in countries such as China, India, and Japan, which are home to some of the worlds largest and busiest ports. Rapid growth of e-commerce in China has led to an increase in the demand for express delivery services, further driving the demand for infrastructure activities across the ports, with its market value expected to be US$ 14.76 billion in 2025. On the other hand, India is projecting to hit US$ 10.52 billion and Japan is likely to hold US$ 9.53 billion in 2025.

Global port capacity

Ports facilitate 90% of global trade by volume and 70% by value, serving as economic arteries. Ports are the gateways for importing and exporting goods, seamlessly connecting global supply chains. Port operations dictate the speed of supply chains, influence the cost of goods, and serve as crucial indicators of a nations economic health. Cargo ports specialise in handling specific types of goods, including containerised, bulk (oil, coal), or breakbulk cargo (machinery).

Global maritime trade relies heavily on the worlds busiest ports, which serve as critical gateways for international commerce. These massive logistics hubs handle millions of containers annually, facilitating the movement of goods that power the global economy.

Driven by Asian growth, particularly China, global capacity continues to rise after rebounding from pandemic-related stagnation, with Shanghai leading at over 51 million TEUs.

Bulk

The global dry bulk shipping market size was estimated at USD 168.5 billion in 2025. The market is expected to grow from US$ 174 billion in 2026 to US$ 249.8 billion in 2035, at a CAGR of 4.1% according to a by

Global Market Insights Inc. Global port capacity for bulk and containerised cargo is dominated by Asia, particularly China, which handles over 40% of global container traffic. Major hubs like Shanghai (47.3m+ TEU), Singapore (37.3m+ TEU), and Ningbo-Zhoushan (39.3m+ TEU) drive efficiency. Global container ports showed resilience with 8.1% growth in 2024, handling 743.6m TEU. Global container throughput exceeded 849 million TEUs, with the top 100 ports handling 743.6 million TEUs in 2024, reflecting an 8.1% increase. In 2024, the worlds top 20 ports generated a consolidated traffic of 414.6 million TEUs, an increase of 7.1% compared to the previous year.

Container

Container ports are vital knots in the global supply chain, enabling the transport of shipping containers across vast distances and several means of transportation, be it ships, trucks, or trains. Being a manufacturing powerhouse and a leading exporter of machinery, electronics, and consumer goods, China has some of the largest container ports in the world in terms of total capacity and throughput. Six of the ten largest container ports in the world were located in China in 2022, with the Port of Shanghai topping the list.

Liquid

Global port capacity for liquid bulk, including oil, chemicals, and liquefied natural gas (LNG) is experiencing significant expansion, particularly in Asia, driven by the rising demand and new infrastructure projects. Over 362 million barrels of new liquid storage capacity is expected to become operational by 2028, with port terminals leading in project development.

India Ports

With its 7,516 km coastline, India is the 16th largest maritime nation in the world and a critical player in global trade. The countrys maritime infrastructure is anchored by 12 major ports and more than 200 notified minor and intermediate ports. Six new mega ports are being planned under the National Perspective Plan for Sagarmala to enhance Indias maritime capacity and reduce logistics costs at Vadhavan (Maharashtra), Enayam (Tamil Nadu), Tajpur (West Bengal), Paradip Outer Harbour (Odisha), Sirkazhi (Tamil Nadu), and Belekeri (Karnataka).

All India Cargo Trends

Indias major ports consistently demonstrated remarkable progress over the past decade, with FY 2025-26 emerging as a milestone year in terms of cargo handling, operational efficiency, and infrastructure modernisation. Indias major ports registered an impressive annual growth rate of 7.06% in cargo handling, increasing from ~844.86 million tonnes in FY2025 to 914.73 million tonnes in FY 2025-26, surpassing the annual target of 904 MT. This marks a YoY growth of 7.06% and reaffirms the sectors strong recovery, enhanced efficiency and sustained growth trajectory, and also highlights its resilience and capacity in accommodating rising trade volumes. Overseas cargo increased 76.7% at 701.28 MMT, while coastal cargo increased 23.3% at 213.45 MMT.

Commodity-wise cargo handled

During FY 2025-26, POL and crude products had the maximum share of 29.77% in cargo handling with growth of 16.18% as compared to the previous year. Coals share stood at 21.03%, and it grew 28.8% YoY. Foodgrains contributed 44.69%, while Other Commodities shared 21.07% in the total cargo handled.

Exim Trade in India

Positive growth in Indias exports is a result of expected revival in manufacturing activity, conclusion of export orders, favourable prospects of current trade negotiations, and expected continued accommodative stance in India. Building the momentum of the previous year, cumulative exports (merchandise & services) during April-March 2025-26 are estimated to have touched US$ 860.09 billion, registering a growth of 4.22%, as compared to US$ 825.26 billion in April-March 2024-25. This marks the highest-ever shipments and underscore the resilience of outbound trade despite the global trade environment.

Merchandise exports registered a positive growth of 0.93% with cumulative value having increased to US$ 441.78 billion from April-March 2025-26, as compared to US$ 437.70 billion during April-March 2024-25. Cumulative non-petroleum exports were valued at US$ 387.88 billion, an increase of 3.62% compared to US$ 374.32 billion in April-March 2024-25. Major drivers of growth in merchandise exports included engineering goods, petroleum products, mica, coal and other ores, minerals, cereals and handicrafts.

On the other hand, total imports grew 6.46% at US$ 979.40 billion during April-March 2026, as compared with US$ 919.92 billion in the previous year. Merchandise imports at US$ 774.98 billion increased 7.4% from US$ 721.20 billion in the previous year. Services imports were higher by 2.8% at US$ 204.42 billion vis-a-vis US$ 198.72 billion in the earlier year.

(Source: https://www.pib.gov.in/PressReleasePage. aspx?PRID=2284139&reg=3&lang=1)

State-wise Major and Non-Major Ports in India

State	Non-Major	Major
	Ports	Ports
Andhra Pradesh	15	1
Goa	5	1
Gujarat	48	1
Karnataka	13	1
Kerala	17	1
Maharashtra	48	2
Odisha	14	1
Tamil Nadu	17	3
West Bengal	1	1
Andaman & Nicobar Islands	24	-
Daman & Diu	2	-
Puducherry	3	-
Lakshadweep	10	-
Total	217	12

A Diversified Presence across India

(To map below states on India map with colour coding for Major and Non-Major Ports)

Major ports	Non-major ports
Deendayal (Kandla), Gujarat	Mundra Port, Gujarat
New Mangalore, Karnataka	Hazira Port, Gujarat
Cochin, Kerala	Pipavav Port, Gujarat
Tuticorin (V.O. Chidambaranar), Tamil Nadu:	Gangavaram port, gangavaram
Chennai, Tamil Nadu	Kakinada Port, Andhra Pradesh
Visakhapatnam port, Andhra Pradesh	Car Nicobar, Andaman and Nicobar Islands
Paradip Port, Odisha Haldia Port, West Bengal	Dhamra Port, Odisha

Factors driving Indias Ports industry

Infrastructure modernisation: Significant private sector investment via PPP has modernised terminals, increasing operational efficiency and cargo handling capacity.

Rising containerisation and trade: As India grows into a US$ 10 trillion economy, container traffic is expected to grow by a CAGR of 7%, driven by industrial activity and rising consumption.

Improved hinterland connectivity: Development of dedicated freight corridors and improved rail and road networks are critical in streamlining logistics and reducing transit times.

Increased efficiency: The average turnaround time has improved due to digitalisation, with major ports reducing pre-berthing detention, enhancing competitiveness on the global stage.

Expansion in coastal shipping: A push towards more cost-effective and eco-friendly transportation, such as Rail-Sea-Rail movement for cargo is gaining momentum.

Other significant drivers include development of deep-draft ports to accommodate larger vessels and increased focus on green port initiatives to power terminals with renewable energy by FY2030. With perseverance and creativity, Indias ports are positioning themselves as beacons of responsibility, inspiring the world toward a cleaner, brighter future.

Environment Sustainability in India Maritime Sector

Indias maritime sector stands at a crucial crossroads—where the twin goals of economic growth and environmental sustainability must converge. The vision of a sustainable maritime future is not merely aspirational—it is an urgent necessity. From adopting shore power and LNG bunkering to retrofitting vessels with green propulsion technologies and ensuring port infrastructure aligns with international environmental standards, India is fast shaping a resilient and eco-conscious maritime ecosystem. The government reaffirm our collective resolve to transition towards greener ports, cleaner fuels, and energy-efficient shipping practices.

Indias maritime sector is focusing on the adoption of low-emission fuels such as LNG, methanol and green hydrogen by 2035. The government has articulated a clear roadmap for operationalising Net Zero goals in the maritime space, integrating innovation, international cooperation, and robust capacity-building as cornerstones of transformation. Initiatives are being taken around the development of green shipping corridors, dedicated bunkering and refuelling hubs, and port-based renewable energy systems.

National Action Plan to promote Green Shipping

Policy instruments	Infrastructure	Technology and solutions
Regulatory measures and requirement	Green ports	Zero and low emissions solution for shipping
Development of rules for alternate fuels	Batter charging stations
Move towards second-hand ships coming to Indian flag to be at least IMO-GHG Phase-2 certified by 2030	Bunkering stations for LNG/ Hydrogen	Promotion of hybrid power for short sea shipping by 2023
Just in time arrival by 2023 for port- based incentive for low emissions ships by 2023		Shore power supply to all ships at all ports by 2023
		Promoting alternate fuels on all (short sea, coastal and international shipping) by 2030

Green Port Policy

Harit Sagar: Green Port Guidelines

The Harit Sagar Green Ports Guidelines of 2023 align with the targets set under the Maritime India Vision (MIV) 2030, and with Indias COP26 commitments to reduce emission intensity by 45% by 2030 and achieve net-zero by 2070. They serve as a comprehensive framework to help Indian ports develop safe, efficient, green, and sustainable operations.

Below are the salient features of the Green Port Policy:

Ports must reduce carbon emissions per ton of cargo by 30% by 2030 and 70% by 2047.

Ports must increase the share of renewable energy to over 60% by 2030 and over 90% by 2047.As of 2025, New Mangalore Port has achieved 100% solar power integration, serving as a benchmark for renewable adoption.

Ports must electrify more than 50% of port equipment and vehicles by 2030, rising to over 90% by 2047.

Ports must expand green cover by over 20% by 2030 and over 33% by 2047 to improve environmental quality.

Ports must ensure shore-to-ship power supply is available to all vessels in phases, reaching EXIM vessels by 2025.

Ports must achieve 100% wastewater reuse and reduce freshwater consumption by over 20% by 2030 through better resource management.

Industry

Outlook

The Indian ports & shipping sector is on a transformative growth path, supported by rising investments, expanding cargo volumes, and a strategic policy push. Development of domestic waterways promises a cost-effective and environmentally sustainable mode of freight movement. By 2030, the operationalisation of 23 waterways will further diversify Indias logistics network. The ports sector stands at an inflection point, with multi-year demand tailwinds driven by growing trade, LPG/chemical logistics, and transformation toward integrated, digital, and sustainable supply chains.

The Sagarmala programmes massive pipeline of 574 projects worth US$ 82 billion is reshaping coastal and port infrastructure. Mega investments at Kandla Port and the establishment of the US$ 2.87 billion Maritime Development Fund reaffirm the governments commitment to capacity building and global competitiveness in the ports sector.

As these initiatives converge, India is well-positioned to evolve as a sustainable, technology-driven maritime hub. The road ahead will be marked by enhanced efficiency, greater self-reliance, and a stronger presence in global shipping and trade networks.

LOGISTICS

INDUSTRY

Global Logistics Sector

Logistics is a strategic enabler of growth, powered by technology and increasingly central to competitive performance. The logistics market forms the connective tissue of the global economy, enabling the movement of goods from suppliers to factories, distributors, retailers, and end customers. It encompasses transportation road, rail, air, sea, warehousing, freight forwarding, last-mile delivery, cold-chain solutions, and integrated supply-chain orchestration.

The global logistics market size, which stood at US$ 11.23 trillion in 2025, is estimated to grow to US$ 12.68 trillion in 2026. It is projected to significantly increase and nearly double at US$ 24.36 trillion by 2035, expanding by a CAGR of 8.05% between 2026 and 2035.

One of the key factors positively influencing the global logistics market is the booming e-commerce industry, as well as the improving availability of high-speed network connectivity. The need for effective logistics services is rising as the e-commerce industry grows. Furthermore, the market is being driven by a shift in customer preference toward online purchases.

Key markets trends:

Increasing digitisation and automation:

The logistics industry is experiencing a significant shift toward digitization and automation. Logistic companies are increasingly adopting technologies such as internet of things (IoT), Artificial Intelligence(AI), Machine learning , and robotics to streamline operations, improving efficiency and reduce cost. This includes warehouse automation, autonomous vehicles , predictive analysis, and others.

Growing demand for waterways transportation

Water transport is generally cost effective for transporting large volume of goods over a long distance and it has high-carrying capacity. Hence, the demand for water transportation is increasing. Such a factors are driving the growth of global logistics market in the forecast period.

India Logistics Sector

Indias logistics sector has been shaped by significant growth and positive developments over the years. The sector is estimated to be valued at more than US$ 320 billion in CY 2025, recording a CAGR of over 10% from around US$ 215 billion in 2021. Logistics currently functions as the backbone of trade and commerce, supporting the economys overall growth. This growth is largely driven by rising consumer demand, rapid growth of e-commerce and quick commerce, and policy support.

Governmentinitiativesaimedatenhancingmanufacturing logistics are generating new opportunities across various sectors. The government is undertaking significant measures to enhance the efficiency and effectiveness of the logistics sector. The Central and state governments are collaborating to increase the nations total port handling capacity from the current 2,700 million tonnes per annum to 3,500 million tonnes per annum by 2030 and 10,000 million tonnes by 2047.

Further, technology integration in the logistics sector has enhanced operational efficiency and improved performance, while storage and transportation infrastructure development has led to expansion. Together, these factors are expected to drive growth in the logistics sector in the coming years.

Freight movement through inland waterways is gaining traction. In FY 2024-25, India achieved a record 145.5 MT cargo movement on inland waterways, over 9% higher than cargo movement in FY 2023-24. This was higher by a CAGR of 20.86% from 18.1 MMT in FY 2013-14. This milestone underscores the effectiveness of sustained investments and policy initiatives aimed at enhancing the countrys inland waterways infrastructure. The number of operational national waterways also increased from 24 to 29 during the same period, reflecting a strategic push towards multimodal connectivity and sustainable transport solutions.

Key government initiatives

In recent years, the government has been focused on making the nation a global logistics powerhouse and has invested in numerous schemes and projects towards this goal. In 2022, the National Logistics Policy was launched to provide a tech-enabled, integrated, cost-effective, and future-proof logistics ecosystem.

As part of this policy, the 900-acre Integrated MultiModal Logistics Hub is being developed in the state of Haryana, to centralise freight consolidation and reduce logistics costs.

A. PM Gati Shakti National Master Plan

Launched in October 2021, the PM Gati Shakti National Master Plan is a transformative 100 crore initiative designed to modernise Indias infrastructure through integrated, data-driven planning. The Network Planning Group (NPG), constituted under the PM Gati Shakti National Master Plan (PMGS-NMP) framework, evaluates the critical infrastructure projects of the central government to ensure integrated planning, multimodality, inter-modality, synchronization of e orts, last mile connectivity, comprehensive development in and around the project location, data-driven decision makings, at the planning stage. As on February 2026, 352 infrastructure projects with total estimated cost of 16.10 lakh crore have been evaluated through the NPG mechanism. Of these 352 projects, 201 projects have been sanctioned, and of which, 167 projects are currently under implementation. (Source: PIB)

B. Gati Shakti Multi-Modal Cargo Terminals

Gati Shakti Multi-Modal Cargo Terminals (GCTs) are the modern cargo terminals being developed and set up under the GCT Policy, 2021 of the Ministry of Railways that integrate rail with other modes of transport. Its objective is to enhance the Indian Railways share in total freight movement by providing faster, more efficient, and reliable freight services. This is essential as rail transport is more energy-efficient, cost-effective, and produces far lower carbon emissions compared to road transport, helping India reduce logistics costs and meet its sustainability goals.

C. Dedicated Freight Corridors

Dedicated freight corridors are high-capacity electrified railway lines designed exclusively for transport of goods to improve logistics efficiency, reduce transit times, and lower emissions. This includes a network of electric broad gauge freight railway lines that solely serve freight trains, making freight service in India faster and more efficient. The Dedicated Freight Corridor Corporation of India Limited (DFCCIL) is responsible for undertaking planning, development, mobilisation of financial resources and construction, maintenance and operation of these corridors.

D. RSR Policy – Coal Transportation Model

The Indian government is actively promoting the Rail-Sea-Rail (RSR) Coal Transportation Model, which aims to integrate the RSR transportation for efficient movement of coal. This multi-modal system allows for seamless transportation of coal from mines to port and to their end-users, while improving logistical efficiencies. It connects miles to southern/western power plants via sea, offering savings of 760-1,300 per ton.

The coastal shipping mode of transportation has the potential to revolutionise Indias logistics industry. The mode reduces congestion on the all-rail route (ARR) by providing additional alternative mode of coal evacuation and ensures lower carbon-footprint compared to ARR mode of coal movement. Through the RSR model of coal transportation, the government is aiming to clock 65 million tonnes (MT) by FY2026 and 120 MT by FY2030 in order to lower logistics costs and carbon footprint.

Industry Outlook

State-level logistics policies and city logistics plans are helping address region-specific issues while also identifying opportunities aligned with the regions economy. Initiatives such as the Logistics Ease Across Different States (LEADS) index assess the logistics performance of states and union territories (UTs). It incorporates both perception-based inputs and objective data, covering key metrics including regulatory and institutional support, logistics services, and others.

Meanwhile, the Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) programme has been launched by the Department for Promotion of Industry and Internal Trade in collaboration with the Asian Development Bank, beginning with a pilot for eight cities in eight states.

Looking ahead, the sector is expected to register a CAGR of over 10% to reach a market value of over US$ 520 billion by 2030. Increased emphasis is also being placed on reducing logistics costs to below 10% of GDP. Further, AI and automation are expected to transform the sector. Ensuring that growth in manufacturing is complemented by adequate development of allied storage, infrastructure and multimodal integration will be critical to achieving these targets.

COMPANY OVERVIEW

About Us

Transworld Shipping Lines Limited is the Indian-flagged vessel owning company under the Transworld Entities. Established in 1988, it is a leading company reputed for its expertise in the shipping and logistics services, particularly in container feeder owning and operating services. Head-quartered in Navi Mumbai, Maharashtra, the Company connects major Indian ports.

The Company continues to serve container ports across India with its robust fleet of container vessels, including Mundra, Kandla, Pipavav, Cochin, Tuticorin, and more. These vessels primarily transport containerised cargoes of raw as well as finished products, all in unitised form, playing a key role in Indias booming industrial sector

The Companys persistent focus on securing its fleet operations has made it well-positioned in the Indian shipping industry. The Company plays a significant role in facilitating coastal transshipment through its coastal feeder services and has chartered its container vessels to M/s. Avana Logistek Limited, a dominant coastal feeder operator. The Company owns two handy size dry bulk carriers with a combined deadweight tonnage (DWT) of ~69,000MT, in addition to container vessels. The Company has strengthened its position in the Indian shipping industry and strives to provide uninterrupted services in the maritime trade.

Key Subsidiaries

The year 2025-26 marked the incorporation of a new wholly-owned subsidiary, Transworld Sea-Connect IFSC Private Limited, established in GIFT City, Gujarat. The subsidiary will support the Companys international financial operations, including ship leasing, structured financing, and other offshore maritime activities, thereby enhancing financial flexibility and supporting long-term fleet expansion.

During the year, the Company also completed the acquisition of 100% equity stakes in Transworld Integrated Logistek Private Limited and Transworld Logistics Private Limited, making both these companies its wholly-owned subsidiaries. This strategic acquisition expands Transworlds capabilities in freight forwarding, shipping agency services, and integrated supply chain management. By integrating these businesses within its corporate structure, the Company aims to strengthen its end-to-end logistics platform, improves operational efficiency, reduce dependence on third-party service providers, and enhance its ability to support Indias maritime self-reliance and national fleet expansion objectives.

Business Overview

TheCompanyisanIndian-flaggedvessel-owningenterprise operating under the Transworld Corporate Structure.

By leveraging its fleet operations and driving sustainable growth, it has successfully established a prominent presence within the Indian shipping industry. It has entered into a long-term chartering agreement with M/s. Avana Logistek Limited, (erstwhile M/s. Transworld Feeders Private Limited, an entity amalgamated with M/s. Avana Logistek Limited with effect from 25th June 2024), a subsidiary of Unifeeder IFSC. This strategic partnership enables continuous deployment of its vessels over an extended period, which offers sustained operational stability in its vital role in the shipping industry.

The Company has diversified into Dry Bulk commercial operations, primarily along the Indian coastline, besides the core container shipping operations. Two handy-size dry bulk carriers been deployed under a pool arrangement. This helps mitigate the inherent volatility of the dry bulk market. The Company participates in a pool system to gain access to a balanced portfolio of long-term, short-term, and spot charter agreements. With this, it enhances operational flexibility and enables more effective risk management across market cycles.

The Companys growth in the future years will be supported through the acquisition of additional vessels and by establishing long-term chartering agreements. It intends to deploy its fleet on profitable trade routes by engaging in strategic collaborations with established industry players and by expanding its network of operations.

The Company is single-mindedly focusing on developing a modern and forward-thinking fleet that is marketable and economically viable. It aims the fleet to also be sustainable and adaptable to the evolving dynamics in the global maritime landscape to ensure continued relevance and competitiveness.

Operational Performance, FY 2025-26

Tonnage Owned

Deadweight	2023-24	2024-25	2025-26
Tonnage (MT)	4,16,478	3,62,413	3,62,413
Cargo volume handled
Cargo Volumes	2023-24	2024-25	2025-26
(TEUs)	4,50112	4,95,851	4,58,821

Key Growth Initiatives, 2025-26

The Company has ventured into Dry Bulk commercial operations, mainly on the coast of India with one handysize carrier. The pool system allows for a mix of long-term, short-term, spot charter agreements, ensuring effective risk management and improved flexibility. A long-term chartering agreement with M/s. Avana Logistek Limited a subsidiary of M/s. Unifeeder for container vessels, guarantees vessel deployment for a continual period. This enables crucial and prolonged stability as a ship-owning Company.

Future Outlook

The Company aims to acquire additional vessels and engage in long-term chartering agreements. As it aims towards a sustainable and stronger future, it is also building a modern, forward-thinking fleet that is marketable, sustainable, economically viable to address the shipping landscapes evolving demands. Further, it also strives to implement strategies on revenue diversification,marketadaptationandcostmanagement.

Financial Highlights, 2025-26

TheCompanysconsolidatedfinancialstatementsindicate its financial performance in the financial year 2025-26:

Revenue from Operations stood at 548.31 crores, as compared to 649.61 crores in the previous financial year of FY 2024-25.

EBIDTA was at 54.84 crores, as against 150.19 crores in the previous year.

Profit After Tax stood at loss of 75.06 crore, compared to PAT of 27.93 crore in the earlier year.

Earnings Per Share (EPS) was clocked at (34.18) per share, in comparison with 12.72 per share in the previous fiscal year.

Financial Performance in FY 2025-26 vs FY 2024-25

	Standalone for the year ended March 31st		Consolidated for the year ended March 31st
	2025- 26	2024- 25	2025- 26	2024- 25
Turnover (Including Other Income) ( Crore)	364.99	453.96	556.96	658.18
Return on Equity (%)	-9.59	4.24	-11.14	3.60
Net Asset Value ( Per Share)	322	364	307	353
Earnings Per Share ()	(30.85)	15.47	(34.18)	12.72

Significant Ratio Changes

	FY 2025-26	FY 2024-25	Change in %	Reason for Change
Current Ratio (X)	1.41	1.59	-11%	The southward movement of freight and charter rates rate, resulted in decreased charter hire and impacting profit during the financial year.
Debt Equity Ratio	0.37	0.41	-9%
Debtors Turnover (In Days)	5.03	5.43	-7%
Operating Margin (%)	20.2%	40.8%	-50.1%
Net Profit Margin (%)	-18.56%	7.48%	-348%
Return on Net Worth (%)	-8.99%	4.33%	-308%
Earnings Per Share ()	-30.85	15.47	-299%
Interest Coverage Ratio	2.13	5.24	-59%

Information Technology

The Company is leveraging technology to streamline its processes, enhance collaboration, and deliver quality services to the clients. With its cutting-edge technologies, competitive infrastructure, and increased automation, the Company is dedicated to provide efficient operations. It leverages advanced technology with the aim of optimising costs, enhancing performance and maximising operational efficiency. The Company has implemented industry- and trade-specific software solutions to acquire real-time information at each of its ports and port terminals.

Human Resource Management

The Companys HR policies and practices are designed to enable employees to realise their full potential. It continuously focuses on maximising the performance of its workforce, organisation and human resources function to reach new levels of business value. The key objective is to provide individuals the platform to perform at peak potential, a safe and secure workplace and a stimulating environment. As of 31st March 2026, the Company had 33 employees.

Risk Management

Risk Management is a very important part of the Companys business, and has in place an integrated risk management system. It proactively identifies monitors and takes precautionary and mitigation measures in respect of various risks that threaten its operations and resources. A robust Risk Management Policy, applying to all functions of the Company, safeguards sustained business growth and robust corporate governance. This policy reinforces a process for identifying and managing key risks complying with the provisions of the Companies Act, 2013. The Board of Directors Risk Committee facilitates in developing, implementing and monitoring the risk management strategy of the Company.

Operational Risk

Risks associated with the operation of vessels, such as accidents, delays and cargo damage, can lead to legal liabilities, reputational damage and financial losses for the Company.

Financial Risk

Factors such as credit risks, interest rate fluctuations and the ability to secure financing for fleet expansion or acquisitions can impact the Companys financial performance.

Environmental Risk

The shipping industry is under increasing pressure to reduce its environmental impact, and failure to comply with environmental regulations or adopt sustainable practices can lead to fines, legal issues and reputational damage.

Geo- Political Risk

Geopolitical uncertainties are challenging issues shaping the global maritime industry. Geo-political risks pose significant challenges to the shipping industry, impacting trade routes, costs and overall operations. Factors such as geo-political tensions and instability, trade disputes and sanctions often lead to disruption in supply chains, and result in rerouting of shipping routes.

Health, Safety & Environment

The Company remains committed to providing a safe and healthy environment for its personnel, contractors, customers and visitors on its premises and in areas affected by its operations. It follows a zero-harm philosophy to comply with health and safety legal requirements and achieve an injury-free workplace. It also adheres to the highest standards of health and safety management practices across all operations. The organised contingency safety precautions and intensive training programmes have the capability to address any unforeseen accidents. It provides continuous training to the entire workforce and has built various checkpoints in the system to monitor the safety processes. It also conducts safety training workshops for its workforce through internal and external experts.

Internal Control Systems and their Adequacy

The Company has established and implemented robust safeguards, internal control mechanisms and risk management processes that are proportionate to the nature of its business, as well as the scale and intricacy of its operations. Suitable internal control policies and procedures have been put in place to offer reasonable assurance regarding the following aspects:

Effectiveness and efficiency of our operations

Reliability of financial reporting

Compliance with applicable laws and regulations

Adherence to these policies and procedures is seamlessly integrated into the management review process. Additionally, we regularly perform comprehensive evaluations to ensure their ongoing relevance and comprehensiveness. Any deviations from the prescribed processes are systematically identified and addressed by identifying their root causes.

The Company consistently evaluates the efficacy of its internal controls across various functions and locations through comprehensive internal audit exercises that employ a blend of contemporary and conventional audit tools. The Audit Committee reviews the internal audit programme to ensure comprehensive coverage of the pertinent areas. Proactive measures are taken to ensure compliance with forthcoming regulations by deploying cross-functional teams.

The Company leverages advanced technologies to minimise errors and lapses, detect significant trends through data analysis and monitor essential compliance requirements. It has established Standard Operating Procedures and policies to provide guidance for the operations of each function. Business heads bear the responsibility of ensuring compliance with these policies and procedures. Vigorous and continuous internal monitoring mechanisms are in place to promptly identify risks and issues. The management, statutory auditors and internal auditors have conducted thorough due diligence on the Companys control environment through rigorous testing.

The management assessed the effectiveness of the Companys internal control over financial reporting as of March 31, 2026, involving self-review, peer review and external audit. The Audit Committee reviews reports submitted by the management and audit reports submitted by internal auditors and statutory auditors. Suggestions for improvement are considered and the audit committee follows up on corrective action. The audit committee also meets the Companys statutory auditors to ascertain, inter alia, their views on the adequacy of internal control systems and keeps the board of directors informed of its major observations periodically. Based on its evaluation, the audit committee has concluded that, as of March 31, 2026, the internal financial controls were adequate and operating effectively.

Internal Audit

The Company engages in the internal audit services, which reports to the Audit Committee, that consists primarily of Independent Directors who possess expertise in their respective domains. It has adopted a comprehensive approach to delegation of authority throughout its team, thereby establishing robust checks and balances within the system to address any potential loopholes. The Internal Audit team enjoys unrestricted access to all organisational information, a capability largely facilitated by the implementation of an Enterprise Resource Planning (ERP) system across the entire organisation.

Significant audit observations and the corresponding corrective actions are reported to the Audit Committee.

The Audit Committee convenes meetings to review the reports presented by the Internal Auditor. Furthermore, the Audit Committee conducts regular independent sessions with the statutory auditor and the Management to discuss the adequacy and effectiveness of internal financial controls.

Cautionary Statement

This document contains statements about expected future events, financial and operating results of Transworld Shipping Lines Limited, which is forward-looking. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is a significant risk that the assumptions, predictions and other forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as several factors could cause assumptions, actual future results and events to differ materially from those expressed in the forward-looking statements. Accordingly, this document is subject to the disclaimer and qualified in its entirety by the assumptions, qualifications and risk factors referred to in the managements discussion and analysis of Transworld Shipping Lines Limiteds Annual Report, 2025-26.