Tristar buys ESHIPS

UAE-based logistics group Tristar has agreed to acquire 100 per cent ownership of Abu Dhabi-based Emirates Ship Investment Company also known as ESHIPS from Egon Oldendorff GmbH & Co KG, a company of the Oldendorff Group, for $90 million.

Under the terms of the deal, Tristar will acquire a fleet of seven ocean going chemical tankers which includes two LPG tankers under long term time charter to an oil major.