Tuesday, Mar 08, 2016
Dubai: Tristar, a UAE-based logistics group, has agreed to acquire Abu Dhabi-based Emirates Ship Investment Company (ESHIPS) from Egon Oldendorff GmbH & Co. KG for $90 million (Dh330.3 million) , according to a statement on Tuesday.
Under the terms of the deal, Tristar will acquire a fleet of seven chemical tankers, which are ships that carry chemicals in bulk. These include two LPG tankers under long term time charter to an oil major. These vessels will be phased into the company’s existing fleet and then fixed out long term in line with company policy, according to the statement.
“This acquisition is a perfect fit to our longer term plans to diversify revenue and make ship owning an integral part of our strategy to build a fully integrated liquid logistics business,” stated Eugene Mayne, group chief executive of Tristar.
From May this year, Tristar will start taking delivery of six new 50,000 MT clean petroleum product tankers from Korean builder Hyundai Mipo Dockyard and built at a cost of $200 million.
This acquisition of ESHIPS and the new building programme, as well as its existing coastal fleet, will bring the Tristar-owned shipping fleet to more than 20 vessels.
Tristar has interests in surface transport, specialised warehousing, fuel farm management, turnkey fuel operations, plane aviation fuel services, chemicals and ship owning.
Staff Report
Gulf News 2016. All rights reserved.
