Gulf Energy Maritime (GEM), the Middle East's largest independent commercial product tanker operator, has taken delivery of Gulf Muttrah,  a 47,000 DWT oil and chemical product tanker built by Hyundai Mipo Dockyard Co Ltd (HMD).

The financing for the tanker was solely done by First Gulf Bank (FGB), one of the UAE’s leading financial institutions, as part of a $90 million term facility to finance the construction and purchase of two vessels. The second vessel delivery is scheduled for this month (May 2009).

The ship delivery and naming ceremony was held at HMD’s shipbuilding facility at Ulsan, South Korea. The ceremony was attended by Ahmed Essa Hareb Al Falahi, CEO, GEM; and Snehanshu Choudhary, vice president, corporate banking, FGB, along with other senior officials from GEM and HMD. With this new delivery, Gulf Muttrah becomes the 12th vessel in GEM’s fast growing fleet of tankers.

“GEM is widely regarded as a pioneer in their field in the Middle East, and we are very pleased to be their partner of choice,” said André Sayegh, chief executive officer of FGB.

“Ship financing has been part of our diversification strategy, and for many years we have been actively involved in the ship finance market in the UAE and the region. Our ship finance team of specialists provides expert support and advice on all facets of ship financing business at all stages, and is recognised for its ability to problem solving using innovative financing structures,” Sayegh added.

“The delivery of Gulf Muttrah, another high quality vessel from HMD, indicates that we are on course in achieving all the targets set for 2009,” said Al Falahi.

“With the financing facility provided by FGB for two new vessels, GEM is able to provide the market with safe, reliable and environment-conscious tonnage.” - TradeArabia News Service