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GEM in major fleet expansion

Dubai, February 10, 2013

Gulf Energy Maritime (GEM), a leading, independent chemical tanker company based in Dubai, said it has taken the delivery of 'Gulf Valour,' its second Aframax vessel (an oil tanker smaller than 120,000 MT and with a breadth above 32.31 m).

GEM is a joint venture partnership between Dubai’s Emirates National Oil Company, Abu Dhabi’s International Petroleum Investment Company (IPIC), the Oman Oil Company and Thales of France under the UAE Offsets program.

GEM said it has received Gulf Valour built by Samsung Heavy Industries just two months after the delivery of Gulf Vision, their first Aframax vessel also built by Samsung. This comes as part of its strategic fleet expansion plan.

Gulf Valour, like Gulf Vision, is equipped with hitech equipment that meets all international environment safety requirements with a capacity of 114,700 DWT capable of carrying both clean petroleum products and dirty products.

Standard Chartered had arranged a Korean Export Credit Agency (ECA) to back the vessel’s financing.

The delivery of the second Aframax vessel reflects GEM’s leadership of responding to the market’s requirement as the industry gradually improves from the impact of the global financial crisis, said a senior official.  

“Prior to the delivery of Gulf Vision, we have been cautious but optimistic on the tanker market. As such, we have constantly maintained our product development and offering as we aim to be a step ahead once the market stabilises and recovers,” remarked CEO Ahmed Al Falahi.

“It is indeed another milestone for GEM to receive Gulf Valour as we remain steadfast with our commitment of excellence across oceans and responsiveness to the needs of our customers and the market,” he added.

Top GEM officials including Captain Robert Ferguson, the head of MSEQ and Ovijit Roy, the head of Fleet besides Krunal Bhatt, the director Origination & Client Coverage of Standard Chartered Bank were present at the handing over ceremony.
 
Al Falahi said, "The significance of Gulf Valour’s delivery cemented our sound business standing that has gained the trust and confidence of our financial backers and high profile customers."

"This trust and confidence we received have increased our capacity and capability to deliver to the market such high quality assets and services, and has further elevated GEM’s standing in the industry as amongst the top product tanker operators in the world," he added.

Gulf Valour joins GEM’s existing fleet which is currently composed of one Aframax, nine modern Panamax tankers, six MR tankers, and three Handysize tankers.-TradeArabia News Service




Tags: Dubai | Gulf Energy Maritime | vessel | oil tanker |

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