NORSIGN AFRICA

General information

Course/Position

Latest news

Tristar buys ESHIPS from Oldendorff for $90m

UAE-based logistics group Tristar has confirmed its acquisition of Abu Dhabi’s ESHIPS (Emirates Ship Investment Company) for $90m from Egon Oldendorff GmbH & Co KG, part of Oldendorff Carriers. The sale was first mooted in January. Tristar will acquire ESHIPS’ fleet of five chemical tankers and two small LPG carriers, which are on a long-term timecharter to an unnamed oil major. The vessels operate mostly in coastal trades. VesselsValue.com currently estimates their collective market value at around $75.5m. “This acquisition is a perfect fit to our longer-term plans to diversify revenue and make shipowning an integral part of our strategy to build a fully integrated liquid logistics business,” Eugene Mayne, group chief executive of Tristar, said in a statement. http://splash247.com/tristar-buys-eships-oldendorff-90m/