Tristar to profit from expansion
Tristar Transport expect to double its revenue over the next three years with the creation of new revenue streams and expansion into Asia and Africa.
The Dubai-headquartered company, a globally integrated liquid logistics company serving the petroleum and chemical industries, made the announcement during its recent annual Tristar Leadership Summit where Group CEO Eugene Mayne unveiled the 2017 strategic plan.
More than 40 senior managers from the UAE, Oman, Qatar, Saudi Arabia, Pakistan, Kenya, Uganda, Sudan, South Sudan, Democratic Republic of Congo, Haiti and the Pacific island of Guam attended the two-day gathering held at the Desert Palm.
In the last quarter of 2013, Tristar reached an agreement and placed a firm order for six new MR Product/Chemical Tankers with Korean shipbuilder Hyundai Mipo Dockyard worth $200m.
The brand new vessels will be delivered in 2016 and will commence its long term time charter with oil major.
The company also joined hands with Emirates National Oil Company (ENOC) to set up a new joint venture (JV) in Saudi Arabia focused on specialised logistics services for the Kingdom's petroleum and chemicals sectors. Envisaged as a self-contained logistics facility, the JV plans to expand its fleet strength to 500 vehicles by 2017.
These twin developments and the renewal of the turnkey fuel supply operations contract in an Africa country with an international organisation for another five years were the indicators presented by Mayne that the group would be able to achieve the target. The company achieved $314m in revenue in 2013.
Tristar was established in the UAE in 1998. Today the company operates in more than 13 countries in the Middle East, Africa, Asia-Pacific, and Central America.
It also has a unique business model built around the needs of customers and today the company offers a diversified range of products and logistics services to the petroleum and chemical industries ranging from road transport, warehousing of dangerous goods and chemicals, management and operation of fuel farms, turnkey fuel operations, into-plane aviation fuel services, and ship owning and chartering for movement of petroleum and chemical products by ocean, sea and river.
Mayne attributes the company's success to its strong commitment and focus on delivering pre-eminent service backed up by a strong health, safety and environment culture. This focus makes the company stand out and provides a competitive advantage in pursuing national and international business opportunities.
Recently, Tristar was assessed and certified by Shell Markets Middle East (SMME) as a 'Professional Haulier' as a result of its annual Global Haulier assessment audit being conducted over the last 10 years. Tristar is the first logistics company in the Middle East and South Asia region to receive this distinction from Shell.