Tristar Snatches ESHIPS’ Chemical Tanker Flotilla

UAE-seated logistics group Tristar is taking over the Abu Dhabi’s Emirates Ship Investment Company (ESHIPS) from Egon Oldendorff GmbH & Co. KG, a part of German dry bulk company Oldendorff Group for USD 90 million.

Under the terms of the agreement, Tristar will acquire a fleet of seven ocean going chemical tankers, two of which are LPG tankers under a long-term time charter deal with an undisclosed oil major.

These vessels will be phased into the existing fleet and then fixed out on long-term charter deals corresponds with the company’s policy, Tristar said, adding that the acquisition is a part of its plans to diversify revenue.

According to Oldendorff Carriers’ COO, Peter Bagh, the sale is also in line with Oldendorff’s plan to focus on dry cargo shipping business.

Tristar currently has six 50,000 MT clean petroleum product tankers under construction at South Korean shipbuilder Hyundai Mipo Dockyard. The vessels are expected to start joining the company’s fleet from May this year.

With the new vessels, worth some USD 200 million, and the acquisition of ESHIPS, Tristar’s fleet will consist of more than 20 vessels.

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