UAE - based logistics group Tristar has agreed to acquire 100 percent ownership of Abu Dhabi - based Emirates Ship Investment Company also known as ESHIPS from Egon Ol dendorff GmbH & Co. KG, a company of the Oldendorff Group for USD90 million.
Under the terms of the deal, Tristar will acquire a fleet of seven ocean going chemical tankers which includes two LPG tankers under long term time charter to an oil major. Thes e vessels will be phased into the company’s existing fleet and then fixed out long term in line with company policy.
In a related move Tristar is due , from May this year, to start taking delivery of its six brand new 50,000 MT clean petroleum product tankers from Korean builder Hyundai Mipo Dockyard and built at cost of USD200 million. This acquisition of ESHIPS and the newbuilding program, together with its existing coa stal fleet, will bring the Tristar - owned shipping fleet strength to more than 20 vessels.
About Tristar:
UAE - based Tristar is a fully integrated Liquid Logistics Solutions provider that offers a comprehensive list of services to cater to the needs of the downstream petroleum industry, both in the region and globally. The company has interests in surface transport, specialized warehousing, fuel farm management, turnkey fuel operations, into plane aviation fuel services, chemicals and ship owning.
About Oldendorff Carriers:
Oldendorff Carriers is one of the world’s leading drybulk operators, operating 500 bulk carriers from 17 offices around the world. Oldendorff Carriers has recently expanded its office in Dubai with a team of drybulk profession als and also has EOL in Abu Dhabi which provides transshipment and lightering services to industrial customers in the Arabian Gulf.