Transworld Shipping Lines Ltd

Dear Shareholders,

It is my privilege to write to all of you, our esteemed stakeholders, and present the Annual Report of Transworld Shipping Lines Limited (formerly Known as Shreyas Shipping and Logistics Limited) for the financial year 202425. This marks the 37^th year of our establishment, one that leads us not only on what we have achieved during the journey, but also embrace the new opportunities that lie ahead.

Founded in 1988, your Company has been at the forefront of India's coastal shipping sector, with a fleet of 12 vessels, 10 container feeders and 2 handysize dry bulk carriers and a strong presence in the market, with operations on both coasts of India and in several other neighbouring countries. In an ever-changing environment, it is our ambition, guidance and cutting-edge solutions keep us ahead.

We are a long-established subsidiary of the Transworld Group of Companies with nearly 48 years of experience.

The Group is committed to providing dependable and timely maritime logistics solutions in order to remain competitive and provide exceptional service to all of its clients.

I begin this communication by sharing with all of you that during the year, Shreyas Shipping and Logistics Limited

was rebranded to Transworld Shipping Lines Limited to better identify with our parent company, Transworld Group.

The renaming underscores our focus on integrating global shipping solutions under the Transworld umbrella.

As I communicate with you, we are in the midst of an unprecedented geopolitical volatility. As always, Transworld stands firm and in solidarity with the nation and foresee opportunities in every uncertainty. Historically, we have always registered growth even in the midst of disruptions, consolidating our market leadership position and come out more resilient and stronger, despite the uncertainties.

We take pride and are encouraged by the proactive approach of the Government of India in reaching out to the shipping fraternity amidst the challenges, which has further solidified the shipping sector. Adding to this, the Make in India initiative, encouraging India flagged ships, ease of logistics integrations are some key elements that are set to change the landscape of India's shipping industry.

Let us begin with a summary of our financial performance. FY2025 opened strong, but became challenging as the year progressed. Despite softening inflation and a general improvement

in consumer sentiments, the sector witnessed a period of subdued growth.

We believe small drops make an ocean. Even the smallest of actions we take in our personal life or at work, we perform, is most significant with great ramifications. It must pass through our higher purpose filter to make it sublime and worthwhile. Your Company has been on an accelerated growth path and have had a remarkable journey in these 36 years.

Your Company continued its strong growth trajectory in FY 2024-25, recording a 58% increase in revenue to Rs.4,463 million, up from Rs.2,824 million in the previous financial year. EBITDA rose significantly to Rs.1,638 million, marking a 135% growth compared to Rs.697 million in FY 2023-24. Profit After Tax (PAT) stood at Rs.339 million, a notable turnaround from a net loss of Rs.510 million in FY 2023-24. This marks a significant milestone in our growth journey.

During the year under review, our Net Worth increased to Rs.8,003 million, in comparison with Rs.7,665 million

in the previous year. Earnings Per Share (EPS) was Rs 15.44 per share, compared to Rs.23.23 in the earlier year. Our operational performance was also on a higher growth trajectory as our Cargo Volume increased to 495,851 TEUs, in comparison with 450,112 TEUs, whereas total tonnage stood at 362,413 MT in FY 202425, compared with 416,478 MT in the earlier year.

We remain agile in our strategy and steadfast on a fast-tracked, accelerated and synergistic growth path to unlock future potential.

With the strength of an excellent Management team, we are confident we will be able to make great strides in our journey ahead.

The Government of India remains committed to increase the tonnage of vessels under the Indian flag. Several initiatives have already been undertaken, while some other initiatives are in the pipeline, to enhance the capacity and competitiveness of Indian shipping lines, thereby reducing reliance on foreign shipping companies and addressing the issue of escalating freight cost and boosting the shipping sector's contribution to India's economic growth.

In the last decade, Indian tonnage has been consistently increasing.

An ambitious initiative has been launched to significantly expand the fleet of large “Made in India” merchant ships. It aims to position India among the top maritime nations over the next two decades, with specific targets to be in the top 10 shipbuilding countries by 2030, and top 5 by 2047.

The Union Budget 2025-26 unveiled a mega plan to develop India into a shipbuilding hub, eyeing a larger participation of the private sector in infrastructure development through a string of public-private participation (PPP) projects. It placed a strong impetus to realise the huge potential of India's shipping sector to enable India's shipping industry

with innovative initiatives to drive investment, generate income for the economy and create value for the nation. Further and importantly, the Budget also announced according large Indian ships as “infrastructure assets”, enabling cheaper and longterm financing.

The Budget also proposed to set up the Maritime Development Fund (MDF) to support India's maritime sector by providing financial assistance in the form of equity or debt securities. The initial corpus of this fund is pegged at Rs.25,000 crores, with the Government contributing 49% to the total corpus. These budgetary initiatives are focused on unlocking the vast potential of India's marine sector and enhancing assets through upgrades, modernisation and automation. Initiatives such as these offer conducive strength and support towards our business.

Your Company has incorporated a wholly owned subsidiary named as ‘Transworld Sea-Connect IFSC Private Limited' on 04^th September 2024 having its registered office in the State of Gujarat. Its main object inter-alia is to carry on business as an International Financial Services Centre (IFSC) unit in accordance with International Financial Services Centres Authority (IFSCA) Act,

2019 and any other applicable laws, regulations and acquisition of vessels, ship leasing which shall include owning, operating and chartering of vessels and other permissible activities which are incidental to the main object from IFSC in GIFT City in accordance with the IFSC Authority (Finance Company) Regulations, 2021 read with Framework for Ship Leasing as issued by IFSC Authority.

We understand India needs sustainable ports to support a growing economy and address environmental concerns. We are creating a green ecosystem through our sustainable practices

including reducing emissions, conserving energy and water and managing waste.

At the onset, I wish to express my gratitude to the Government of India for bestowing me with the prestigious Pravasi Bhartiya Samman award in January 2025, presented by the Hon'ble President of India, Smt. Droupadi Murmu. I feel truly humbled with this great honour.

I would like to sincerely acknowledge the invaluable guidance of our Board of Directors and the leadership of our Management Team. I also take this opportunity to express my gratitude for the dedication, resilience, and teamwork demonstrated by our employees. Each project we undertook, every hurdle we overcame, and the solutions we developed were made possible by their commitment, collaboration and efforts. It is a testament to our strong organisational culture and a shared vision of excellence. A heartfelt thank you to our customers, partners, and above all, our shareholders for their continued trust and unwavering support.

Among our core values, ‘Respect' stands out as a fundamental principle that we strive to uphold in every interaction and across all areas of our work. In line with this, we pledged the FY2025 as the year of Mutual Respect - reaffirming our commitment to embrace empathy, active listening and open communication.

Looking ahead, I am excited about the opportunities that lie before us. With our shared strength, determination, passion, and perseverance, I am confident that we will continue to innovate and achieve excellence year after year. To reiterate, as Transworld moves closer to the Golden Jubilee year, we aspire to achieve even greater milestones, continue dreaming bigger, and look forward to your ongoing support on this journey.