UAE-based oil and gas logistics leader Tristar Group has signed firm contracts for six new build 25,000 MT DWT, IMO Type 2 Oil and Chemical Tankers with South Korea’s premier shipbuilder, Hyundai Mipo Dockyard. The vessels will be delivered between the middle of May 2020 till the first week of January 2021.
The vessels have been ordered on the back of long-term charter contracts with oil major Shell. This follows Tristar’s acquisition of six new build, 50,000 MT DWT, MR Tankers from the same yard in 2016, also with long term charters with Shell.
“Our business model will continue to be built around the needs of customers and we are confident that if we continue to offer best in class services at competitive pricing there will be immense opportunity to leverage the brand equity that we have built over the years,” explained Mr. Eugene Mayne, the founder and the Group CEO of the Tristar Group.
The vessels will be built to the latest specifications with an improved hull form design. They will meet all the latest regulations and are fitted with Tier 3 Engines to reduce emissions to comply with Tier 3 NOX requirements. The ships are expected to be on the water starting from May 2020.
Established in 1998 with headquarters in Dubai, UAE, Tristar is a fully integrated liquid logistics company specializing in petroleum and chemical handling and distribution. Its shipping business has seen rapid growth over the last couple of years and with the latest addition the company shipping fleet will grow to 23 ocean going vessels and eight coastal tankers.