GEM Places Aframax Tanker Orders

Wednesday, February 27, 2008
Gulf Energy Maritime (GEM), the Middle East's largest independent commercial product tanker operator, has awarded South Korea’s Samsung Heavy Industries Co. Ltd (SHI) a $160m contract for building of two high specification double-hulled Aframax tankers – the first in GEM’s growing fleet. These Aframax tankers to be delivered before end of 2011 are to be named as Gulf Vision and Gulf Valour. The two fully coated vessels with a capacity of 114,700 DWT each are of Long Range 2 (LR2) specification – capable of carrying both clean petroleum products and dirty products such as crude and fuel oil. These two vessels will join the existing GEM fleet which currently comprises of 11 modern panamax and chemical/product tankers and another eight which will be delivered before end of 2009. The 19 strong fleet order book was shared between Korea’s Hyundai Heavy and Hyundai Mipo Dockyard. GEM recently secured over US$ 137 million in revenues on its existing fleet. The company’s expanding international reputation of being a quality driven, independent commercial tanker company has managed to secure long-term time charters and is maintaining above average charter prices including on the spot market. 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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

Benghazi Port Still Closed, Imports Rerouted

The commercial port in Libya's second city, Benghazi, remains closed due to fighting between pro-government and Islamist forces, forcing wheat imports to make a detour via Tobruk harbour,

EGAS Tenders for as many as 48 LNG Cargoes

Egypt's state-owned gas company EGAS has tendered to buy at least 48 cargoes of liquefied natural gas (LNG) for delivery in 2015/16, three traders said. A senior

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1158 sec (9 req/sec)