GEM Places Aframax Tanker Orders

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.