Tata Power's Trust Energy Resources achieves a significant milestone Wednesday, Apr 17, 2013 Singapore's Minister for Transport, Lui Tuck Yew, conferred the prestigious Approved International Shipping (AIS) award to Trust Energy Resources (Trust Energy), a 100 percent subsidiary of Tata Power based in Singapore, at the Singapore International Maritime Awards 2013 on April 11, 2013. Trust Energy operates a fleet of five cape vessels, owned and chartered, through Energy Eastern, a Coastal Gujarat Power subsidiary, and provides dedicated freight solutions to the 4,000MW Mundra Ultra Mega Power Project (UMPP). Trust Energy owns two Korean built cape vessels – Trust Agility and Trust Integrity. It has built competencies in optimising the shipping costs, with its multi-cultural team in Singapore, and provides Mundra UMPP with both long-term and spot freight solutions.
The Singapore government's International Maritime Programme is a package of financial and other incentives aimed at facilitating the growth of operations anchored in Singapore. With this award and special status, Trust Energy and Energy Eastern have entered the league of established international shipping companies.
Speaking at the event, KV Rao, managing director, Trust Energy, said, "Singapore is a natural fit for our fuel supply chain, and it has helped us to quickly leverage the skills, networks and critical capabilities in Singapore to build a compelling value proposition to Tata Power's imported coal supply chain for Mundra. The enabling environment of Singapore government and support services made it easier for us to establish it with great speed. We look forward to further growth and expansion in the future."
Anil Sardana, managing director, Tata Power, said, "The conscious strategy of integrating the entire supply chain from coal mines to in house shipping and operations, has provided Tata Power the edge to build a sustainable competitive advantage that is so essential to deliver long term value, and offer power most competitively in India. This award is a significant milestone, and a testament to our strategy of integrated play. We thank all the stakeholders who have supported us in this journey."