Kuwait City, Kuwait – Kuwait City, Kuwait – Meysan Partners, a leading Middle Eastern law firm, has advised the UAE-based logistics group, Tristar Transport LLC, on its acquisition 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 USD 90 million.
Under the terms of the deal, Tristar acquired a fleet of seven ocean going chemical tankers which includes two LPG tankers under long term time charter to an oil major. These vessels will be phased into the company’s existing fleet and then fixed out long term charter deals, in line with company policy. According to Oldendorff Carriers’ COO, Peter Bagh, the sale is also in line with Oldendorff’s plan to focus on dry cargo shipping business.
“This acquisition is a perfect fit to our longer term plans to diversify revenue and make ship owning an integral part of our strategy to build a fully integrated liquid logistics business,” commented Eugene Mayne, group CEO of Tristar.
“Oldendorff has made a strategic decision to focus on the dry cargo shipping business and is very pleased to have found a good new home for ESHIPS and its employees with Tristar. Tristar has a long term perspective and will now take ESHIPS forward and develop it as a tanker company,” said Peter Bagh, COO of German dry bulk owners Oldendorff Carriers.
In a related move Tristar is due , from May this year, to start taking delivery of its six brand new 50,000 MT clean petroleum product tankers from Korean builder Hyundai Mipo Dockyard and built at cost of USD200 million.
This acquisition of ESHIPS and the newbuilding program, together with its existing coastal fleet, will bring the Tristar-owned shipping fleet strength to more than 20 vessels.
Tristar was represented by Meysan Partners, as transaction counsel, and Gibson Dunn & Crutcher, as finance counsel. The Meysan team was led by senior partner Bader El-Jeaan and included partner George Oti, with support from associates Michel Ghanem, Mosaed Al Ajeel, Mazen Zein and Dania Tayan.
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