Dubai-headquartered Tristar Group has announced that it has signed a four-year contract with BP to provide liquified natural gas (LNG) shipping services for a value of $24 million. The deal with BP follows the recent addition to Tristar shipping fleet of its first LNG tanker, the Tristar Ruby.
According to a statement from Tristar, the deal will cover a variety of LNG shipping services comprising trading and delivery capacity worldwide. The Tristar Ruby, formerly known as the British Ruby, has joined Tristar’s 30-strong fleet of ocean-going tankers, the logistics company added.
The vessel was built by Hyundai Heavy Industries in 2008 and has a cargo carriage capacity of 155,000 cu m. It will be technically managed by Wilhelmsen Ship Management and commercially operated by Tristar, the statement noted.
Commenting on the contract, Eugene Mayne, group CEO of Tristar, said: “We are pleased to be able to announce the value of our deal with BP, the first as we expand our presence into the LNG shipping market. This represents a strengthening of our relationship with BP, one of our core partners.”