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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Shell Resuming Nigeria EA Oil Production

Royal Dutch Shell said on Thursday it had resumed production of Nigerian EA crude oil and lifted its force majeure on the grade after completing repairs to a mooring platform.

EU Bans Crimea Investment, Targets Oil, Cruise Sectors

Measures take effect on Saturday; aim is to keep pressure on Russia over Ukraine. The European Union banned investment in Crimea on Thursday, halting European

Hiab Switches to Dealer-based Distribution in Mexico

Hiab, part of Cargotec, and Consorcio Industrial Puebla S.A.P.I. de C.V. (CIPSA) have signed an agreement regarding a long-term distribution partnership in the Americas region.

Salvage

Lifting Costa Concordia

Ropes made with Dyneema help Titan Salvage, Micoperi on historic salvage operation   The largest and most complex maritime salvage operation ever carried out was concluded this summer.

Crew of Stricken Fishing Vessel Found Unharmed

The crew of a stricken fishing vessel, seemingly washed up on the beach at Chapel St Leonards, are safe and well, Humber Coastguard reported.   Skegness and Chapel coastguards,

Nicaragua Searches for 26 Fishermen after Shipwreck

Nicaragua's navy said on Thursday it was searching for 26 fishermen whose boat was shipwrecked off the Central American nation's Caribbean coast due to heavy swells earlier this week.

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Repair 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: 0.1341 sec (7 req/sec)