Tristar invests in the shipping market
Tristar Transport Company is investing €200m in new tonnage in a bid to expand its marine portfolio as the shipping market heats up.
Under a new contract, Hyundai Mipo Dockyard is to build six medium range (MR) product/chemical tankers for the UAE-based company.
Eugene Maybe, CEO, Tristar Group, said: “This investment fits in with our long term strategy to diversify out business portfolio and to position our company as a major player in the clean product tanker segment.”
The new vessels will be built to the latest specifications with an improved hull form design, making them more fuel efficient and eco-friendly.
They will operate with lower fuel consumption than existing tonnage and will be fitted with additional fuel saving equipment such as propeller boss cap fins, new profile technology propeller and trim optimisation system.
Tristar says the new vessels will enable it to take advantage of the expected increase in charter rates along with lower initial costs that are expected in the Middle East crude refining sector.
When delivered, the ships will be placed on long term charter with an oil major. Delivery is expected in 2016.
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