Tristar Confirms Order for 6 Product Carriers, UAE

UAE – based Tristar Transport Company has reached an agreement and placed a firm order for 6 New MR Product /Chemical Tankers with Korean shipbuilder Hyundai Mipo Dockyard.

The vessels are expected to be delivered in 2016 and will be built to the latest specifications with an improved hull form design, making them more fuel efficient and eco-friendly. The new vessels will operate with lower fuel consumption than existing tonnage, making them much more economical to operate. They will be fitted with additional fuel saving equipment such as Propeller Boss Cap Fins, New Profile Technology Propeller and Trim Optimization System.

When delivered it is anticipated that the ships will be placed on long term time charter with an oil major. Demand for this type of vessels has increased with new building prices rising by around 20 percent this year. High bunker prices make fuel economy a major factor at present and in the future. As per latest market analysis tankers hauling refined oil products are expected to return to profitability from next year, for the first time since 2008.

The rise in charter rates are being strengthened by the biggest expansion in Middle East crude refining on record. Tristar is confident of taking advantage of the expected increase in charter rates along with lower initial costs. With these acquisitions Tristar is expanding its investment portfolio in the Marine sector and intends to continue to purchase further tonnage in the near future.

“This investment fits in with our long term strategy to diversify our business portfolio and to position our company as a major player in the clean product tanker segment”, said Tristar Group CEO, Mr. Eugene Mayne.

[mappress]
Press Release, November 11, 2013