Dubai-based shipping and logistics group Tristar has announced a good start to the year with a “robust performance” in the first quarter of 2021. However, in a setback, the Tristar board has decided to call off a planned IPO due to what is described as a “mismatch in expectations of company valuation” between investment banks and shareholders.
Eugene Mayne, Tristar CEO, says, “We are a strong and very successful company and are proud of our brand and value that we have consistently delivered to our shareholders over the last 23 years. It appears that the intrinsic value of our group was not easily understood by the market. This was compounded by some external factors, causing the Board to unanimously decide to postpone our public listing plans for the time being.”
Mayne adds that he is confident that Tristar is poised for another good year in 2021. “In the maritime segment, we have taken delivery of all six vessels ordered under Project Solar and built in South Korea which now brings our total maritime fleet strength to 35 ships. This is indeed some achievement which now makes us probably the largest privately owned shipping company in the Middle East.” All six ships have been time chartered to Shell for a period of 5 years with an option for five more.
Two existing vessels have been upgraded recently during drydockings in China to enhance environmental performance. The seals on Tristar Prosperity were replaced while the main engine on Tristar Dugon was adjusted to reduce emissions levels and permit trading to Australia.
Tristar has this year joined more than 300 owners and charterers in signing the Neptune Declaration on Seafarer Wellbeing and Crew Change. “We are together with maritime leaders such as AP Moller-Maersk, CMA CGM, Hapag-Lloyd and NYK Line looking to increase the pressure on governments to act on seafarer welfare during the pandemic,” Mayne says.