GEM's Gulf Esprit Named

Tuesday, November 07, 2006
The $55mGulf Esprit - the first of 13 double-hulled tankers ordered by Dubai-headquartered Gulf Energy Maritime (GEM), the Middle East's largest independent commercial product tanker operator - has been named at Korea's Hyundai Mipo Dockyard. The 47,000 dwt Gulf Esprit is the seventh double-hulled tanker in GEM's rapidly growing fleet - now one of the youngest in the world. The company is to receive another 12 hi-specification vessels with an order book value of USD 570 million by 2009 end.

Delivery of the Gulf Esprit, which will go into time charter with Oman Methanol Company, a subsidiary of Oman's giant OMZEST Group, on a 15-year deal, takes GEM's asset value to $1.1b.

The IMO-III, N2 type Gulf Esprit is jointly owned by GEM, which holds a 75% stake, and the OMZEST Group with a 25% holding via its subsidiary Waroz Holding Co. GEM has an agreement with OMZEST to supply product transportation for its $400m Sohar methanol plant.

At a special vessel naming ceremony in Ulsan, Korea, OMZEST Director Ms. Reem Omar Zawawi sounded an optimistic forecast for Gulf Esprit and the regional tanker industry. 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.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DP World to Manage Somaliland Port for 30 Years

DP World has reached an agreement to manage the Berbera port in Somaliland, which would allow it to become a major hub for goods to transit to and from the Horn of Africa,

Abu Dhabi Ports Try to Lure Chinese Businessmen

Abu Dhabi Ports - the master developer, operator and manager of ports and Khalifa Industrial Zone in the Emirate - presented the integrated offerings of Khalifa

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

Salvage

Wedding Cruise Ship Runs Aground in Boston

The Boston Harbor Cruises' Majesty ran aground in Boston Harbor on Saturday. All 137 passengers were unharmed and transferred to the Asteria, another Boston Harbor Cruises vessel, according to the U.

Details El Faro's Sinking Emerge from US Probe

U.S. investigators on Friday concluded two weeks of hearings into the sinking of cargo ship El Faro in a hurricane last fall that included reports the vessel had

Returning to the Scene of the Shipwrecks

A participant in a diving field school last fall, graduate student Tori Kiefer is back to help a new set of students learn the joy of surveying shipwrecks.   Last fall,

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0873 sec (11 req/sec)