Dubai-based Tristar Eships has teamed up with MTM Ship Management, a third-party manager owned by chemical tanker player MTM Maritime, to launch a new ship management operation.

Tristar-MTM Ship Management will initially manage vessels from the Tristar Eships fleet but will pursue third-party tonnage in due course.

The venture partners said the tie-up has been established to “maximise value retention for ship owners and investors” across the Gulf Cooperation Council countries, Africa and worldwide.

Headquartered in Singapore with offices in Athens, Dubai and Mumbai, the new venture will be managed by an independent team of ship management professionals overseen by senior members of the Tristar Eships and MTM Ship Management organisations.

“MTM’s long experience with both chemical tankers and dry cargo vessels provides Tristar-MTM Ship Management with a full-service solution for owners seeking bespoke management for their vessels,” the two companies said.

“Both Tristar and the MTM Group are ship owners first, so we are inherently sensitive to value and maximizing service to charterers,” said Tristar Eships chief executive Tom Coffin.

“We observed a gap in the market to respond to the bespoke needs of owners in our region. Partnering with a first-class ship manager with a similar focus on value delivers a solution to ship owners across our region and beyond.”

MTM Ship Management managing director Rajiv Singhal said the two companies share “the same values of safety, transparency, and service excellence”.

“With a combined experience of 70 years, Tristar-MTM will focus on all aspects of quality ship management by providing tailored services with a unique competitive edge; a ship owners’ perspective on ship management and what lays ahead in the technological era.”

Tristar Eships is the maritime logistics division of the Dubai-based Tristar Group, it operates a fleet of chemical and product tankers, dry cargo vessels, gas carriers, and coastal tonnage.

Earlier this year, Tristar teamed up with Singapore’s Norstar Shipping to launch a new tanker company in Dubai focused on chemical and clean petroleum products tankers.

Norstar Chartering Services DMCC will charter and commercially operate tankers and have additional regional offices in the US and Singapore.