Tristar Group’s US$166M contract with Shell is on track following the delivery of new vessels
UAE-based liquid logistics company Tristar Group has taken delivery of new vessel Solar Sharna and expects another, Solar Nesrin to be delivered in July.
These new assets, which will be on a long-term charter to Shell, underpin Tristar’s continued growth and momentum.
In 2018, Tristar signed a long-term contract to charter six IMO2 25,000-dwt chemical carrier vessels to the oil major. The remaining four vessels will be delivered from July 2020 to January 2021. Solar Sharna and Solar Nesrin were built at the Hyundai Mipo Dockyard in South Korea.
In 2016, Tristar purchased Emirates Ship Investment Company (ESHIPS) for a reported US$90M from Egon Oldendorff GmbH & Co KG.
Today, ESHIPS operates 20 tankers. This includes the six ’silver’ prefixed MR2 product tanker series ordered in 2013 for US$200M from Hyundai Mipo Dockyard delivered from 2016 onward. These were built to the latest specifications with an improved hull form design, additional fuel saving equipment such as propeller boss cap fins, new profile technology propellers and trim optimisation systems.
Tristar is a leader in innovation in the Middle East and one of the first tanker companies to use blockchain as part of its everyday operations.
At the time, Tristar Group chief executive Eugene Mayne said, “Blockchain technology gives us the ability to provide irrevocable verification and oversight to complex processes and movements of products to our customers. Records stored in the blockchain are computationally almost impossible to alter, leading to unprecedented verification and transparency to all stakeholders involved in a particular transaction” he said.
“We are proud to once again put Tristar at the forefront of our industry. Other large industry players and Dubai Government entities have all initiated blockchains of their own so we are very proud to be among such esteemed companies,” he said.
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