Tristar Group’s $166mn contract with Shell on track following successful delivery of new vessels

Published: 23 June 2020 - 5 a.m.
By: Martin Menachery

Tristar Group has taken delivery of its new vessel, Solar Sharna, and is expected to take delivery of the Solar Nesrin on 30 June. These new assets, which will be on a long-term charter to Shell, underpin Tristar’s continued growth and momentum.

In 2018, Tristar signed a long-term contract to charter six IMO2 25K Chemical Carrier vessels to the oil major. The remaining four vessels will be delivered from July 2020 to January 2021.

Solar Sharna and Solar Nesrin were built at the Hyundai Mipo Dockyard, South Korea’s premier shipbuilder. Tristar and Hyundai have worked together for many years, as the company previously received six 50K DWT MR tankers from the dockyard in 2016 for $200mn.

Eugene Mayne, group CEO of Tristar Group, said “We are pleased to have taken delivery of our first vessel, Solar Sharna, and look forward to welcoming the Solar Nesrin shortly. Having worked with the Hyundai Mipo Dockyard for several years, we have built a strong relationship with their experienced team who have always delivered high quality and technology-led design with first class manufacturing."

"The previous vessels, which we purchased, have fully met our expectations as they were fitted with the latest technological innovation. The new vessels feature Tier III engines which will reduce emissions and operate in an eco-friendly way – very much in line with Tristar’s commitment to being a ‘Business for Purpose’."

"Furthermore, the delivery of these vessels demonstrates the resilient nature of our business, especially when global supply chains are being adversely affected due to Covid-19. We look forward to taking delivery of the remaining vessels and to strengthening our long-term relationship with Shell.”

Tristar Group offers end-to-end fuel logistics solutions to blue-chip clients including international and national oil companies and international NGOs. Its integrated energy logistics platform spans road and maritime transportation, specialised warehousing, fuel farms, commercial aviation refueling and remote fuel supply operations.

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