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.