Gulf Energy Maritime Expands; adds Aframax

press release
Monday, February 11, 2013

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. 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. 

 

“Prior to the delivery of Gulf Vision, we have been cautious but optimistic on the tanker market. As such, we have constantly maintained our product development and offering as we aim to be a step ahead once the market stabilises and recovers,” said Ahmed Al Falahi, CEO of GEM. “It is indeed another milestone for GEM to receive Gulf Valour as we remain steadfast with our commitment of excellence across oceans and responsiveness to the needs of our customers and the market.”

 

Other VIPs and dignitaries present at the ship delivery event were Captain Robert Ferguson, GEM’s Head of MSEQ; Ovijit Roy, GEM’s Head of Fleet; and Krunal Bhatt - Director Origination & Client Coverage of Standard Chartered Bank.  During the acceptance speech, Al Falahi said: “The significance of Gulf Valour’s delivery cemented our sound business standing that has gained the trust and confidence of our financial backers and high profile customers. This trust and confidence we received have increased our capacity and capability to deliver to the market such high quality assets and services, and has further elevated GEM’s standing in the industry as amongst the top product tanker operators in the world.”

 

Gulf Valour, like Gulf Vision, is equipped with state-of-the-art equipment that meets all international environment safety requirements with a capacity of 114,700 DWT capable of carrying both clean petroleum products and dirty products. Gulf Valour joins GEM’s existing fleet which is currently composed of one Aframax, nine modern Panamax tankers, six MR tankers, and three Handysize tankers. Like the rest of GEM’s vessels, Gulf Valour will be operated by a team of highly-trained and highly-skilled crew that adheres to our high standards of quality, reliability and environmental safety. More importantly, its size, capacity and capability will open new doors of greater flexibility and better opportunities to further move forward GEM’s business goals and targets. 

GEM is certified by Lloyd's Register Quality Assurance to the ISO 9001-2000 Quality Management System and ISO 14001-2004 Environment Management System for the operational and technical management of its fleet.
 

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

Contracts

Algoma Central Orders New Great Lakes Ships

Algoma Central Corporation announces $160 million investment in fleet expansion and fleet renewal   Algoma Central Corporation announced that it has acquired

Russia, France Close to Deal on Mistrals

Russia and France are close to reaching an agreement for Paris to cancel a frozen contract on the sale of Mistral helicopter carriers and reimburse Moscow, a Russian

Horizon's Hawaii Business Acquisition Cleared by DOJ

Horizon Lines, Inc. reported yesterday that, after a review by the Antitrust Division of the Department of Justice, Horizon's proposed sales transaction with The

Tanker Trends

APM Maasvlakte II Terminal Opens

APM Terminals Maasvlakte II held a ceremony  to celebrate the opening of the world’s most automated container terminal.   The  event that was attended by Dutch

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

Strong Tanker Market Extends Peak Season High Earnings

Tanker earnings for crude oil tankers have climbed to new strong levels in the first quarter of 2015, with averages not seen since 2008, the Baltic and International Maritime Council (BIMCO) reported.

Ship Sales

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

Algoma Central Orders New Great Lakes Ships

Algoma Central Corporation announces $160 million investment in fleet expansion and fleet renewal   Algoma Central Corporation announced that it has acquired

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

Finance

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Venezuela Probes ex-minister accused of corruption in Ferry Deals

A former minister in President Nicolas Maduro's government denied in an interview published on Friday accusations of corruption during the purchase of three

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Winch
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: 0.3648 sec (3 req/sec)