India's Shreyas Shipping & Logistics has signed a memorandum of understanding to acquire 700teu container vessel Hub Gallardo (11,506dwt, built 1998) from Hub Shipping (HUBLine) in Malaysia.

Shreyas, a subsidiary of Transworld Group, will pay US$2.9m for the vessel to bring its fleet size up to seven vessels.

Last week, the company signed a memorandum of understanding to acquire 2,959teu containership OEL Bharat (34,670dwt, built 1997) from Singapore-based sister company Orient Express Lines (OEL) for US$7m.