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Dubai-based Tristar has set out a 5-year business strategy which aims to achieve an annual growth rate of at least 20 per cent.
Group ceo, Eugene Mayne, says, “We are currently present in 15 countries in the Middle East, Africa, Asia, the Pacific and Central America. Our aim is to be a truly global and integrated fuel logistics business by expanding our footprint and range of services in the downstream petroleum industry to 25 countries. We are also positioning ourselves to be the dominant ship owning company in the region by owning and operating a large fleet of clean petroleum product carrying tankers.”
The company is currently focused on expanding its ship owning business to supplement its surface logistics operations. Its fuel supply operations have recently been augmented with the commissioning of two redesigned Landing Craft Transport (LCT) vessels in Juba, South Sudan. These self-propelled vessels with ro-ro capabilities are primarily designed for fuel transportation on the Nile River to remote fuel sites where large capacity fuel barges cannot navigate.
The Tristar Group has recently ordered six MR tankers from the Hyundai Heavy Industries Shipyard in Mokpo, South Korea. Financing for the newbuilding project has been completed and the steel cutting for the first vessel will commence in September. All six vessels will be delivered between May to November 2016.
The six tankers will be built to advanced specifications with an improved hull form design, making them more fuel efficient and eco-friendly. Mr. Mayne adds, “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, a new design propeller and trim optimisation system.”
Tristar’s ship owning and chartering operations commenced in 2004 and the company operates a varied fleet of ocean going and coastal vessels in addition to river barges for the transportation of fuel by inland waterways. “The focus of the ship owning business is to offer safe and reliable marine solutions to the company’s targeted clientele,” adds Mr. Mayne.
