EMEA News
Dubai Firm Re-enters Shipping Market with Fuel-Efficient Vessels
Dubai-based logistics supplier Tristar announced Monday that it has ordered six "fuel efficient and eco-friendly" MR product/chemical tankers in a bid to diversify its business.
"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 CEO Eugene Mayne.
The vessels, ordered from South Korea's Hyundai Mipo Dockyard, are scheduled for delivery in 2016 and will be placed on long-term charter with an oil major.
The $200 million deal is a bid to expand into the shipping industry after reducing its operations following the financial crisis, Gulf News reports.
Mayne said the company's re-entrance into shipping will mean it will grow 20 percent, and it is planning additional ship orders and partnership with at least one more oil company.
