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.
