EMEA News
New Bunker Saving Tristar Tankers "Much More Economical to Operate"
New MR product/chemical tankers ordered by Dubai-based Tristar Transport will include a variety of fuel-efficient features, making them more environmentally friendly, CEO Eugene Mayne told business news site Arabian Supply Chain.
"The new vessels will operate with lower fuel consumption than existing tonnage, making them much more economical to operate," he said.
"They will be fitted with additional fuel saving equipment such as Propeller Boss Cap Fins, New Profile Technology Propeller and Trim Optimisation System."
The six ships, which the company ordered last year, are already under contract for a long-term time charter with an oil major
"This investment fits well in our long term strategy to diversify our business portfolio and to position our company as a major player in the Middle East shipping industry," Mayne said.
Mayne said the development of "quite a few mega chemical plants" in the Middle East and China, along with the lifting of sanctions on Iran, is likely to create new demand for tankers.
"We expect the market to firm up gradually in the next 12 to 24 months," he said.
The CEO said the company may also explore an expansion of its business in the offshore sector.
"We are looking for opportunities in the West Africa Sea, the Northern Sea and the Indian Ocean, mainly in the Offshore Supply Vessels operations and in increasing our current coastal operations," he said.
The company's $200 million order for the six new ships, announced last fall, was said to mark its re-entrance into the shipping industry, after it reduced its operations following the financial crisis.
