Dubai’s Tristar Group and Singapore’s Norstar Shipping have established a joint venture company to charter and operate chemical and clean petroleum product tankers.
Norstar Chartering Services DMCC will be based in Dubai and will also have additional regional offices in the US and Singapore. The joint venture will be led by Norstar’s Olav Ekeberg as chief executive with Mazen Al-Rahim, who is the current managing director of Norstar Group Middle East, as a partner.
Tristar currently owns and/or operates more than 30 chemical, oil and gas tankers and bulk carriers trading globally, mostly with energy majors. Chris Bonehill, Norstar co-owner, says, “Tristar Group, as a leading global energy logistics service provider, is a great strategic partner for Norstar to grow its existing business and potentially expand into other energy transition midstream activities. Both our companies and our customers will benefit significantly from the joint venture.”
Tristar parent group, Agility, has recent posted results which show that in 2022 the shipping and fuel logistics division’s revenues grew by 60.1% to KD 252.9 million (US$826.1 million) compared with 2021, while profits on an EBITDA basis increased by 39% to KD 53.1 million (US$ 174.43 million). The main drivers of Tristar’s 2022 performance were its recent acquisition of a 51% stake in HG Storage International, finalised at the end of August; the successful renewal of two large long-term peacekeeping contracts, making Tristar the UN’s top supplier as listed on its procurement website); and the booming maritime business.