Korea-based shipbuilder Hyundai Mipo Dockyard has signed a contract worth $200m to build six new MR product/chemical tankers for Tristar Transport Company of UAE.
Built with an improved hull form design for lower fuel consumption, the vessels will be fitted with additional fuel-saving equipment such as propeller boss cap fins, a new profile technology propeller and a trim optimisation system.
Tristar is investing in the new ships in anticipation of a recovery in the shipping industry.
Since disposing of two aged MR tankers in 2011, the company has been waiting for the market to recover and is now expecting to receive better returns in 2014.
With the acquisition of new vessels, Tristar is expanding its investment portfolio in the marine sector and intends to continue to purchase further tonnage in the near future.
Tristar Group CEO Eugene Mayne said the investment fits in with the company’s long-term strategy to diversify its business portfolio and position itself as "a major player" in the clean product tanker segment.
Expected to be delivered in 2016, the vessels are to be placed on a long-term time charter with an oil firm.
Established in 1998, Tristar is an integrated liquid logistics company specialising in petroleum and chemical handling and distribution.
The company has an operating presence in the Middle East, Africa, Asia, the Pacific and Central America.