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GEM gets $55m tanker

Dubai, June 17, 2007

Dubai-headquartered Gulf Energy Maritime (GEM) has taken delivery of its ninth double-hulled tanker worth $55 million.

The third of 13 tankers on order with Korea's Hyundai Mipo Dockyard (HMD), and the second tanker to be received this year, the IMO II N2 type, 37,000 dwt Gulf Moon will be part of GEM’s eventual $1.1 billion 19 strong fleet.

The remainder of the total order book will be received by the end of 2009.

The Middle East's largest independent commercial product tanker operator.

GEM chief executive officer Ahmed Essa Hareb Al Falahi said:

“Gulf Energy Maritime has successfully completed its first phase of growth initiated when the company was set up three years ago, with results in line with the stated targets.

“Gulf Moon’s delivery is a significant milestone as it signals the half way point of our expected growth until 2009.

“Our fleet has seen immense success with long-term charters, with signings of 15 and 20 years becoming the standard, and Gulf Moon will be no exception.

“With two more ships to be delivered by HMD this year the company is well on its way of being among the world’s leading tanker operators.”

Al Falahi said GEM had continued to return a strong profit and a strong increase of cash flow ever since it returned profits from its first day of operations.

“Our financial structure has been reinforced, with higher operating revenues and operating profits. The coming year will see this increase continue,” he said.

“This performance is the result of major internal efforts: further reductions in costs, improved contract execution, a more efficient and streamlined organisation and more rigorous project management. Our efforts are always to increase safety and quality in our fleet and indirectly pass on those advantages to our clients.”
 
GEM provides environmentally-friendly, high quality, refined petroleum and chemical tankers.

The benefits of double-hulled technology are naturally available on all of GEM’s vessels, and Gulf Moon will have the same safety features, ensuring the company continues improving maritime safety and environmental management issues.

In keeping with IMO stipulations that all ships built after 2009 carrying flammable liquids must have an inert gas plant for full discharge capacity of the vessel, GEM has already invested in Gulf Moon’s future by fitting a nitrogen plant. Most oil majors insist on this installation.

“This investment allows the safe carriage of Low Flash-Point cargoes under inerted conditions and reduces the risk of possible contamination of sensitive high grade Chemical Cargoes,” said Al Falahi.

GEM is certified by Lloyd's Register Quality Assurance to the ISO-2000 Quality Management System and ISO 14001-2004 Environment Management System for the operational and technical management of its fleet.

Headquartered in Dubai, GEM is the Middle East’s largest independent, commercial product tanker operator and boasts the world’s most modern product tanker fleet.

Committed to delivering safety, quality and excellence, GEM’s Tanker Management Self Assessment System required by the Oil Companies International Marine Forum, has been approved by ExxonMobil, BP and Shell – the first Middle East product tanker operator to be approved by three of the world’s oil majors.

Established two years ago, GEM has built an asset value now standing at $1.1 billion.

GEM is certified by Lloyd’s Register Quality Assurance to the ISO 9001-2000 Quality Management System and ISO 14001-2004 Environment Management System for the operational and technical management of a fleet of petroleum and chemical tankers trading worldwide.

These also incorporate the pollution prevention requirements of the International Marine Organisation’s ISM Code.

GEM is a joint venture partnership between Dubai’s Emirates National Oil Company (ENO


Tags: Gulf Energy Maritime |

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