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Gulf Energy Maritime News

27 Jan 2015

‘Maritime Spectrum’ of CMMI a Big Draw

For The Company of Master Mariners of India, the conference “Maritime Spectrum” that comes at the turn of each year has become a brand in itself, and each one witnessing a bigger gathering of mariners both on shore leave as well as others in land-based jobs. The organizers have been putting in a lot of effort to structure the programs so that participants benefit from them for furthering their career besides providing up-to-date information and details about the latest developments. This year too, the popular Panel Discussion at the Maritime Spectrum 2015 which focused on “Shore Based Careers Options for Seafarers” drew much attention. Prominently, the list of speakers featured some leading personalities who have made it big after quitting the sea.

15 May 2013

IPIC Takes Over Chairmanship of Gulf Energy Maritime

(L-R): Mr. Khalifa Abdulla Al Romaithi, new chairman of GEM; Mr. Saeed Abdulla Khoory; current chairman of GEM; and Mr. Ahmed AL Falahi, CEO of GEM.

Abu Dhabi Government-owned investment group, International Petroleum Investment Company’s (IPIC) Khalifa Abdulla Al Romaithi, Head of Portfolio Management Division, has taken over chairmanship of Gulf Energy Maritime PJSC (GEM),  from Saeed Abdulla Khoory, Chief Executive officer of Emirates National Oil Company (ENOC). Al Romaithi assumes GEM's top post in its Board of Directors, which rotates every three years between IPIC and ENOC. Khoory remains a board member of GEM and will at the same time focus on his increasing role at ENOC.

11 Feb 2013

Gulf Energy Maritime Expands; adds Aframax

Delivery of second Aframax Vessel cements GEM’s optimistic stance in oil tanker industry. Gulf Energy Maritime (GEM) continues to expand its fleet to better serve its regional and international customers with the delivery of Gulf Valour, its second Aframax vessel. After two months since the delivery of Gulf Vision, their first Aframax vessel, GEM received Gulf Valour, which was also built by Samsung Heavy Industries. Standard Chartered arranged a Korean Export Credit Agency (ECA) to back the vessel’s financing.

10 Feb 2013

Second Aframax Tanker Delivered to Gulf Energy Maritime

C.H. Park, Chief Technology Officer of Samsung Heavy Industries; Ahmed Al Falahi, CEO of GEM; Captain Robert Ferguson, GEM’s Head of MSEQ; and Ovijit Roy, GEM’s Head of Fleet.

Gulf Energy Maritime (GEM) continues to expand its fleet, with the delivery of Gulf Valour, its second Aframax vessel. After two months since the delivery of Gulf Vision, its first Aframax vessel, GEM received Gulf Valour, which was also built by Samsung Heavy Industries. Standard Chartered arranged a Korean Export Credit Agency (ECA) to back the vessel’s financing. The delivery of GEM’s second Aframax vessel reflects GEM’s leadership of responding to the market’s requirement as the industry gradually improves from the impact of the global financial crisis.

11 Oct 2011

$16B Piracy Issue on Maritime Agenda

Money and Ships conference to review current situation after global attacks hit all-time high of 266 for the first half of 2011- problem costs industry up to $16 billion annually. Global attacks on ships rose to an all-time high of 266, during the first six months of 2011 up from 196 in 2010 according to the International Maritime Bureau (IMB). More than 117 ships were attacked and 20 seized, by pirates off the coast of Somalia alone since January 1, 2011, holding 28 ships and 518 hostages for ransom as of the end of April 2011. These issues are to be raised and reviewed by industry experts at Middle East Money and Ships conference, which takes place at the Address Hotel in Dubai Marina on 16 October 2011.

11 Oct 2009

Champions of Maritime Excellence

Photo courtesy Shamal Marketing Communications

Companies, organisations and individuals that have championed high standards and quality in shipping issues have been honoured in the annual Seatrade Middle East and Indian Subcontinent Awards. The awards, recognising maritime safety and the environment, ship and port operations and efficiency, security and financing, were presented at a gala dinner attended by around 600 senior executives of the region’s maritime and related industries at Al Johara Ballroom, Madinat Jumeirah, Dubai, on Thursday.

13 Sep 2009

Tight Credit Squeezes Maritime Industry

“Liquidity has come back to some extent,” said Oliver Ebner, Senior Manager, Project and Structured Finance for the National Bank of Abu Dhabi. Ebner is one of a panel of speakers lined up to address a special session on financing the industry in the global economic slowdown at Middle East Money & Ships, the region’s premier networking event for senior executives from the maritime and finance sectors. The conference from 7-8 October 2009 at the Grand Hyatt Hotel, Dubai, will also assess the continued appetite for investment in shipping, the likely pattern for recovery, where the money will come from as well as providing a realistic assessment of the current order book.

25 Aug 2009

Shipment Delivers to Gulf Energy Maritime

Dubai-based shipowner, Gulf Energy Maritime (GEM), operators of oil and chemical tankers, have completed the implementation of ShipNet’s Safety Management System, a sub section of ShipNet’s Marine ERP. GEM’s decision was based on their need to implement a Safety Management System enabling and support their Tanker Management and Self Assessment (TMSA) related KPIs, checklist and extensive audit functionality. They also needed to seamlessly integrate their ShipNet PMS system with a Safety Management System. (www.shipnet.no)

20 Oct 2008

New Vessel to Gulf Energy Maritime

With the delivery of the $56M Gulf Baynunah, GEM has increased its current fleet to 11. Apart from the two vessels that are joining GEM's fleet this year, there are seven more vessels on order by GEM from HMD which are scheduled for delivery in 2009

27 Feb 2008

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.

06 May 2004

New Tanker Company Sets Sail

Hatem Fawzy, Director, Offsets Ventures; Ahmed Al Wahaibi, Deputy CEO, Oman Oil Company; Hussain M. Sultan, Group Chief Executive and Board Member, ENOC; Khadem Al Qubaisi, Investment Division Manager, International Petroleum Investment Company of Abu Dhabi; Xavier Thuriot, Chairman & CEO, Thales International Middle East. GEM – Gulf Energy Maritime PJSC – is a new $430m joint venture shipping company, launched today. The venture, headquartered in Dubai, is 35% owned by Emirates National Oil Company (ENOC)…

08 Jun 2004

New Joint Venture Tanker Company Sets Sail

Eye Gas Ships Next? Gulf Energy Maritime PJSC, or GEM, is a new $430 million joint venture shipping company, launched last month. Headquartered in Dubai, GEM is owned by Emirates National Oil Company (ENOC) (35%); Abu Dhabi-based International Petroleum Investment Company (IPIC) (30%); Oman Oil Company (30%); and Thales (5%). The company is intent on capitalizing on the worldwide ban on single hull tankers, and will start with two Double Hull Panamax ships, with four more Panamax newbuilds under construction at Hyundai Heavy Industries for delivery by 2005. Initially, the company will only transport clean petroleum products and easy chemicals, including naphtha, kerosene, MTBE, methanol, jet fuel, MOGAS, and other hydrocarbons.

02 Oct 2007

Industry Leaders to Meet in Dubai

With a weakening dollar, predictions oil could hit $100 a barrel, and a boom in multi-billion dollar refinery construction, finance and shipping leaders will be meeting in Dubai this November to assess the impact on the regional and global maritime industries. The Middle East shipping industry is dominated by the tanker trade. Bookings for supertankers sailing from the Middle East to Asia account for 47% of global demand for the carriers, compared with shipments to the US and Caribbean, the second-biggest market, which accounts for 14% of demand. The balance of supply and demand, in the tanker sector in the Middle East, will be part of a special Charterers Forum that will take place during the Middle East Money & Ships 2007 conference, from 4-5 November, at Mina a'Salam, Madinat Jumeirah.

22 Jan 2007

Gulf Energy Maritime Takes Delivery of Tanker

Gulf Energy Maritime has taken delivery of the second of 13 double-hulled tankers on order with Korea’s Hyundai Mipo Dockyard (HMD) in less than three months. The $57m Gulf Elan is the eighth double-hulled tanker in GEM’s growing fleet. The company is to receive another 11 of the total order book of 13 ships valued at $590 million by 2009 end. The ship was named by lady sponsor Jane Slemeck, wife of Mark Slemeck, managing director of Kingfish Services Ltd., London-based operators for IPC/Itochu Petroleum which has time chartered the ship for one year. Gulf Elan will follow the trading path of its sister ship, Gulf Esprit, delivered to GEM last November, by going into time charter with Oman Methanol Company, a subsidiary of Oman’s giant Omzest Group, on a 15-year deal.

13 Dec 2006

Al Falahi Appointed CEO of GEM

Gulf Energy Maritime (GEM) has appointed UAE national Ahmed Essa Hareb Al Falahi as Chief Executive Officer with the task of spearheading the company's strategy to climb the world's leading tanker operator rankings. Hareb joins the UAE-headquartered corporation after an eight year management career at Etisalat - the Emirates' main telecommunications supplier and the largest single non-oil contributor outside UAE Federal Government development programmes. There he headed the mergers and acquisitions division for the Fortune 500 company currently standing 140th among the Financial Times Top 500 global corporations. Yusr Sultan stepped down to undertake a full time board level role as Director. He will concentrate on corporate policy, management team expansion and GEM's strategic growth.

07 Nov 2006

GEM's Gulf Esprit Named

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.

21 Sep 2006

Owners Alerted to Possible Rises in S&P Disputes & P&I Premiums

The 'A' rated, 65 million GT North of England P&I Club has alerted shipowners in the Middle East and India yesterday (20 September 2006) to the possibility of more sale and purchase disputes and a further increase in their P&I premiums. The warnings were given at a seminar attended by around 80 representatives of Middle-Eastern and Indian shipowners at the Dubai Beach Resort in the UAE, which North of England organised in conjunction with sale and purchase experts from international shipping law firms Ince & Co and Mills & Co. According to the club's associate director Katherine Birchall, 'As a result of recent fluctuations in freight rates in both the dry cargo and tanker markets…

08 Aug 2006

GEM, Hyundai Sign Contract for Five Tankers

Gulf Energy Maritime (GEM) awarded South Korea's Hyundai Mipo Dockyard Co. Ltd. a contract for five high specification double hulled product/chemical tankers for delivery during 2006/2007. The contract, valued at approximately $180m, is for three tankers each with a 37,000 ton capacity and two with a 47,000 ton capacity. They will be fitted with the latest deep well pumps and meet international environmental safety requirements by being completely double-hulled. Hyundai Mipo was selected following extensive consultations with a number of international shipbuilders. The five new vessels will join a GEM fleet which currently comprises two, four-year-old panamax coated tankers and four additional panamax tankers which are scheduled for delivery from Hyundai Heavy Industries next year.

05 Apr 2006

Hyundai Mipo Awarded $216m Contract

Sources indicate that Gulf Energy Maritime (GEM) PJSC awarded a $216m ship building contract to Hyundai. The contract is for four high specifications, double hulled, coated product tankers of 75,000 dwt. These ships will be sister ships to the four ships, of which GEM took delivery in 2005 and with placing of this order GEM's fleet of owned, managed and newbuilds ships reaches 25. Although, one of the youngest product tanker companies in the world, established in 2004 — GEM is proving to be as stated at its launch — the fastest growing product tanker company with the most modern, high quality fleet. The contract award signing ceremony was held at GEM offices, signed by Yusr Sultan and Shine Kang, General Manager, Ship Sales Department of Hyundai Mipo Dockyard.

25 May 2006

ADCB, GEM sign $100m deal

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.

19 Oct 2005

GEM, Hyundai Ink Contract for Five Tankers

Gulf Energy Maritime (GEM)has awarded South Korea's Hyundai Mipo Dockyard Co. Ltd. a contract for five high specification double hulled product/chemical tankers for delivery during 2006/2007. The contract, valued at approximately US $180 million, is for three tankers each with a 37,000 ton capacity and two with a 47,000 ton capacity. They will be fitted with the latest deep well pumps and meet international environmental safety requirements by being completely double-hulled. The contract was signed at GEM's Dubai headquarters by Hussain Sultan and Byun Moon-Sung, senior vice president of the Hyundai Mipo Dockyard Co. Ltd., based in Ulsan, Korea.