Dubai: UAE-based Tristar Transport Company has reached an agreement and placed a firm order for six new MR product /chemical tankers with Korean shipbuilder Hyundai Mipo Dockyard. The vessels are expected to be delivered in 2016.
When delivered it is anticipated that the ships will be placed on long term time charter with an oil major.
Established in 1998 with headquarters in the UAE, Tristar is an integrated liquid logistics company specializing in petroleum and chemical handling and distribution.
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.
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 Mayne. [11/11/13]