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. 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. "GEM was set up to fill an expanding global niche for independent clean petroleum transportation, as global shipping laws outlaw existing single hulled ships.