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Mubasher: Agility Public Warehousing Company (Agility) on Tuesday announced that its 65% owned subsidiary, Tristar, has signed a five-year firm plus five-optional year charter contract with Shell, according to a statement to Boursa Kuwait.
Under the deal, Shell will lease six new medium-range product tankers from Tristar, which is specialised in fuel logistics.
The vessels are expected to be delivered by 2020.
The agreement’s total cost is estimated at $166 million over the first five years, subject to change based on customers demand, the statement added.
The company noted that revenues from this newly penned deal will be reflected on the company’s financials once the contract commences.
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