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

Tanker Trends

CFE to Lift Eight LNG Cargoes

Mexican state-owned utility CFE has bought eight cargoes of liquefied natural gas (LNG), four traders said. Swiss trading house Trafigura was awarded the bulk of the volume,

Sino-Global to Acquire Tanker

Sino-Global Shipping America, Ltd. a shipping agency, logistics and ship management services company, today announced that it has entered into a Memorandum of Understanding (the "MOU"),

Libya Forces Tanker Away from Supplying Rival Government

Libya's recognized government said it forced a tanker from delivering fuel to its rival administration, diverting the vessel to its own territory by threatening an air attack on it.

 
 
Maritime Careers / Shipboard Positions Navigation Offshore Oil Pipelines 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: 0.1555 sec (6 req/sec)