Singapore’s Norstar Shipping and Dubai’s Tristar Group have established a joint venture company to charter and operate chemical and clean petroleum product tankers.
Norstar Chartering Services DMCC, set to commence operations within the next few weeks, will be based in Dubai and have additional regional offices in the US and Singapore.
“This latest business decision will strengthen the group’s maritime logistics division, which owns and/or operates more than 30 chemical, oil, and gas tankers and bulk carriers trading globally, mostly with energy majors,” said Eugene Mayne, group chief executive of Tristar.
“Tristar Group, as a leading global energy logistics service provider, is a great strategic partner for Norstar to grow its existing business and potentially expand into other energy transition midstream activities. Both our companies and our customers will benefit significantly from the JV,” added Chris Bonehill, Norstar co-owner.
The JV unit will be led by Norstar’s Olav Ekeberg as chief executive and Mazen Al-Rahim, who is the current managing director of Norstar Group Middle East, as a partner.
