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 Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Woman Medevaced from Cruise Ship off SouthWest Pass

The Coast Guard medevaced a 50-year-old woman from a cruise ship 225 miles southeast of Southwest Pass, Saturday. Watchstanders at Coast Guard District 8 received a call at approximately 9 a.

Demands for Icebreaker Tours Spiral

Plans to terminate commercial tours to the North Pole on the nuclear-powered icebreakers of the Atomflot company in 2016 have surged the demand for these tours.

New Chair for Townsville Port

The Palaszczuk Government has appointed one of Queensland’s most respected businesswomen, Renita Garard as the new Chair of the Port of Townsville. In a statement released earlier today,


U.S. East Coast Threatened by Hurricane Joaquin

Hurricane Joaquin was gaining strength on Thursday as it moved toward the Bahamas, with forecasts still inconclusive on whether the storm would slam into the U.

Two Indian Shipbreakers Deemed HKC Compliant

ClassNK issues Hong Kong Convention Statements of Compliance to two ship recycling facilities in India    Two ship recycling facilities in Gujarat, India, R. L.

MN 100: Elastec

The Company: Elastec manufactures and markets innovative pollution control and recovery systems. The company’s core competency is oil spill response: skimmers,

Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.2150 sec (5 req/sec)