UAE-based logistics group Tristar has confirmed its acquisition of Abu Dhabi's ESHIPS (Emirates Ship Investment Company) for US$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 a approximately US$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," said Eugene Mayne, group chief executive of Tristar.

In 2014,  Mayne said that his company aims to be "a major player" in the clean product tanker segment. In 2013, Tristar penned a contract with South Korea's Hyundai Mipo Dockyard for six 50,000dwt MR product tankers, which will be chartered to oil majors when they deliver this May

Tristar's owned tanker fleet will number over 20 vessels once the acquisition has finished and the newbuildings have been delivered.