Multimodal and marine logistics player, Seros Logistics has added a Supra Max vessel to its diversified fleet, taking the total count up to over 40, the company said on Tuesday.
The company will operate the “MV Amarnath” vessel to carry breakbulk cargo and has invested approximately $7 million in the acquisition.
“Seros is one of the largest coastal shipping operators in India by coastal shipping. We are taking away a lot of congestion on the highway to the coastal route and thereby you know, as a multiplier effect, pollution comes down, the congestion on the highways comes down. And therefore, we firmly believe that coastal shipping is a sector which is grossly underutilised in India, and there in a significant way up as India powers into a developed economy,” Ashish Agarwal, CEO of Seros Logistics told ET.
Seros boasts of vessels including mini-bulk carriers, offshore accommodation barges, a diverse fleet of tugs, floating cranes, propelled and non-propelled barges. The company offers services including dry-docking, lighterage operation, chartering, repair and maintenance of ships, dredging, and other offshore support offerings.
Amarnath is the latest addition to the company’s specially designed shallow-draft vessels “Nath Series.” Some of the others are MV Adinath, MV Kedarnath, and MV Parshvanath. Adding MV Amarnath to its maritime fleet will further strengthen the company’s core competencies, he said.
“It’s a good time to be in shipping,” Agarwal said. “This acquisition worked out very well, timing wise, for us. It gives us significant depth. So far, we were only in the mini bulker segment. That means we were only operating vessels from 2000 tonnes up to 10,000 tonnes. This is the first time we’ve ventured into Supra Max graduating from mini bulkers. And Supra Max is the market commensurate to what the shipping market rates are today and is also giving a fairly good return. The kind of return which you see once in a decade sort of.”