News and Media
Tristar and Norstar to establish new Maritime JV
Tristar Group and Norstar Group announce the creation of a Joint Venture (JV) called Norstar Chartering Services DMCC, headquartered in Dubai with regional offices in the USA and Singapore. The JV will commence full-fledged operations within the next few weeks.
The focus of the JV is to ‘Charter and commercially operate Chemical and Clean Petroleum Tankers’.
“I am pleased to advise that we have signed an agreement with Norstar for a JV that will pursue building a Chemicals and Clean Petroleum Product commercial business, including a potential collaboration for our energy transition ambitions. This latest business decision will strengthen the group’s maritime logistics division which owns and/or operates more than 30 chemical, oil, and gas tankers and bulk carriers trading globally, mostly with Energy Majors” said Eugene Mayne, Group Chief Executive of Tristar.
The Norstar Group of Companies is a fully integrated shipping platform built over the last 25 years by Chris and Tom Bonehill, with a Tanker Chartering/Operating arm specializing in Chemicals and Clean Petroleum business.
Norstar headquarters is in Singapore and is led by Tom Bonehill. Olav Ekeberg is a partner in Norstar Chartering and has over 25 years of experience as a senior charterer and operator of Chemical and Clean Petroleum tankers. Olav will be CEO of Norstar Chartering Services DMCC and its global offices.
The other partner is Mazen Al-Rahim, who is the current managing director of Norstar Group Middle East. Mazen has over 30 years of experience in petrochemicals, manufacturing, risk management, project management & supply chain. He has held various senior management positions within SABIC, and prior to joining Norstar, he was the Supply Chain Executive Director.
Mr. Mayne added: “This JV is a perfect match as our vision to offer best in class services, without compromising our core values and commitment to manage our business to the highest health, safety, environmental, and compliance standards match Norstar’s mission to deliver safe, efficient, and reliable transportation and logistics services that enable its partners to perform their operations at the highest standards. I take this opportunity to wish the JV every success and look forward to making it a successful venture for the Tristar Group.”
Norstar Group of Companies co-owner Chris Bonehill said: “Norstar specializes in chemical and product tankers and the transport of high-risk cargoes. Tristar Group, as a leading global energy logistics service provider, is a great strategic partner for Norstar to grow its existing business and potentially expand into other energy transition midstream activities. Both our companies and our customers will benefit significantly from the JV.”
Mr. Mazen Al-Rahim added: ”I am pleased to be a partner in this new joint venture, whereby I can re-engage my long-term relationships in the chemicals industry, forge new relationships, and use my experience to create value in this new JV. I have known Eugene Mayne for many years and worked closely with the Bonehill brothers and Olav for the last 3 years. I feel confident about the success of this new JV.”