Dubai: Established in 1998 with headquarters in the UAE, Tristar is an integrated liquid logistics company specializing in petroleum and chemical handling and distribution. The company has grown from a relatively small local transport company to a multi faceted liquid logistics service provider with a global network, employing more than 1,800 people. What’s more, going forward, shipping will become a far more important generator of revenues for the logistics group, according to ceo Eugene Mayne. While the company has been in shipping and chartering for the past 10 years, currently operating six coastal tankers, last year it inked a contract with Korea’s Hyundai Mipo Dockyard to construct six 50,000 dwt MR product tankers which will be chartered to oil majors when they deliver in 2016. At the time of the contract signing Mayne said the move was designed to make Tristar “a major player” in the clean product tanker segment.
“Currently the shipping division contributes a small percentage of the group’s income,” Mayne tells Maritime CEO. “However, this is expected to increase when earnings from the new fleet commences in 2016. Tristar is looking to build a fully integrated shipping business with a wide mix of vessels to reduce exposure to cyclical movements in any one particular segment of shipping.”
Goals for this year for the Dubai firm include extending its footprint in Africa and to increase revenue by 20%.
“We are currently evaluating potential shipping opportunities on a selective basis in line with our group strategy to minimise speculation,” Mayne says.
As well as shipping, Tristar has a lubricant warehousing and distribution division while in Africa it owns more than 30 oil terminals. [22/04/14]