India's Shreyas Shipping & Logistics has inked a memorandum of understanding to acquire a sub-panamax container vessel from UAE-based Orient Express Lines (OEL) for US$7m. Both companies are subsidiaries of the Transworld group.

The boxship is OEL Bharat (2,959teu, built in 1997), according to a filing to the Bombay Stock Exchange.

The acquisition will bring Shreyas' fleet up to six container vessels, mostly of handymax and feedermax size.

Last December, OEL sold its handysize boxship OEL Gujarat (1,631teu, built in 1997) to Shreyas for US$5m.