Company inks deal for 6 brand new MR tankers with Korean builder
Dubai, UAE; November 10, 2013: UAE-based Tristar Transport Company has reached an agreement and placed a firm order for 6 New MR Product /Chemical Tankers with Korean shipbuilder Hyundai Mipo Dockyard. The vessels are expected to be delivered in 2016 and will be built to the latest specifications with an improved hull form design, making them more fuel efficient and eco-friendly.
The new vessels will operate with lower fuel consumption than existing tonnage, making them much more economical to operate. They will be fitted with additional fuel saving equipment such as Propeller Boss Cap Fins, New Profile Technology Propeller and Trim Optimization System.
When delivered it is anticipated that the ships will be placed on long term time charter with an oil major. Demand for this type of vessels has increased with new building prices rising by around 20 percent this year. High bunker prices make fuel economy a major factor at present and in the future.
As per latest market analysis tankers hauling refined oil products are expected to return to profitability from next year, for the first time since 2008. The rise in charter rates are being strengthened by the biggest expansion in Middle East crude refining on record. Tristar is confident of taking advantage of the expected increase in charter rates along with lower initial costs.
Established in 1998 with headquarters in the UAE, Tristar is an integrated liquid logistics company specializing in petroleum and chemical handling and distribution. It is a Limited Liability Company (LLC) incorporated in the UAE which has grown from a relatively small local transport company to a multi modal liquid logistics service provider with a global network. It has an operating presence in the Middle East, Africa, Asia, the Pacific and Central America with more than 1,800 people of diverse nationalities, cultures and religious beliefs.
Tristar is investing in new tonnage in anticipation of a recovery in the Shipping Industry. Since the disposal of two aged MR tankers in 2011 Tristar has been anticipating and waiting for a market recovery and believe the market is on the verge of seeing better returns for the Shipping Industry in 2014 and beyond. With these acquisitions Tristar is expanding its investment portfolio in the Marine sector and intends to continue to purchase further tonnage in the near future. The contract with Hyundai Mipo was signed in London in October 2013 by Eugene Mayne, Tristar Group CEO, and T.Y Park of Hyundai Mipo.
"This investment fits in with our long term strategy to diversify our business portfolio and to position our company as a major player in the clean product tanker segment," said Mr. Mayne.
About Tristar:
TristarTransport LLC (Tristar) was established in 1998 in Dubai, UAE and is now a market leader in delivering integrated liquid logistics solutions to the petroleum and chemical industries.
Today, the company has an extended footprint across the Middle East, Africa, Asia, Haiti and the Pacific island of Guam with interests in storage and distribution, ocean and coastal shipping, specialized warehousing and turnkey fuel operations, including into-plane aviation fuel services. Tristar operates in 13 countries and employs more than 1,800 people of various nationalities. Committed people, superior customer service and uncompromising values are core beliefs at Tristar where safety in operations is accorded the highest priority.
Tristar has certifications on ISO 9001, ISO 14001 and OSHAS 18001 for its integrated management system. It was also the pioneer transport company in the Middle East to be assessed under the Safety and Quality Assessment System (SQAS) of the European Chemical Industry Council (CEFIC). The company is a recipient of many prestigious and global awards covering safety, quality and corporate social responsibility.
For further information:
Art Los Banos
Corporate Communications Manager
+9714-8997900
arthur@tristar-transport.com
www.tristar-group.co
© Press Release 2013
