ADCB, GEM sign $100m deal

Thursday, May 25, 2006
According to reports, Abu Dhabi Commercial Bank (ADCB ) has granted a loan of $100m to Gulf Energy Maritime (GEM) PJSC, a Product / Chemical tanker Company. The Loan agreements were signed yesterday at GEM Offices between Yusr Sultan, CEO of GEM and Shafqat Ali Rana, Head of ADCB's Dubai Corporate Div. and P.P.Saradhi, Vice-President of ADCB in the presence of Hassan Jarrar, Head of Commercial Banking, ADCB. GEM signed this loan with ADCB for their recently ordered vessels Gulf Castle and Gulf Cobalt. These hulls of 75000 dwt each are two out of four Panamaxes ordered in January this year and are the high specification double hulled product tankers, being built at Hyundai Mipo Dockyard. Gulf Castle & Gulf Cobalt are scheduled for delivery in 2009. ADCB has in the past extended to GEM loans aggregating to USD 94.5 mio. for financing three vessels — Gulf Stream, Gulf Elan and Gulf Esprit. As one of the core banks for GEM and the ENOC group, ADCB has enjoyed a long term partnership for several years. The signing of the loan agreements for these two new vessels today further reinforces the partnership. GEM, a commercially focused product tanker company has a most modern, sophisticated fleet and its asset value exceeds $ 1 Billion. GEM's fleet comprises of ten coated Panamax tankers and nine chemical/product tankers, to be delivered between 2006 and 2009. In addition, GEM also manages two vessels and a four-vessel New building project. Incorporated in June 2004, a Joint Venture between ENOC, IPIC, OOC, GEM has already attained ISO 9001-2000 Quality Management System (QMS) and ISO 14001-2004 Environment Management System (EMS) accreditation within a year of its incorporation. It has also been approved by various Oil Majors and Tanker Management Self Assessment (TMSA). Source: Business Times
Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Teekay LNG Partners Declare Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended September 30, 2015. The

TMS Cardiff Gas Orders First LPG Carriers

TMS Cardiff Gas Ltd. has signed a contract with Hyundai Heavy Industries of Korea for the construction of two 78,700 cbm LPG carriers with the option to build another two.

Odfjell's Tanker Overhaul Seeks to Slash Emissions by 20%

Norwegian tanker shipper Odfjell announced it is upgrading the propulsion systems aboard 19 of its chemical tanker vessels in a move that aims to reduce its fuel

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Ship Electronics Ship Repair 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: 0.1948 sec (5 req/sec)