UAE's Tristar in $200 million new ship building deal

Company inks deal for six brand new MR tankers with Korean builder.
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UAE-based Tristar Transport Company has placed an order for six New MR Product /Chemical Tankers worth US$200 million with Korean shipbuilder Hyundai Mipo Dockyard, the firm announced today.

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 firm said through a statement.

“This investment fits in with our long term strategy to diversify our business portfolio,” said Eugene Mayne, CEO, Tristar Transport.

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 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.

 

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