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Wed 3 Oct 2007 02:56 PM

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GEM fleet races to 11

Gulf Mist is fourth new vessel delivered so far this year.

Gulf Energy Maritime (GEM), the Middle East's largest independent commercial product tanker operator, has taken delivery of its eleventh tanker and the fifth of 13 tankers on order with Korea's Hyundai Mipo Dockyard (HMD).

With the delivery of the US$55 million Gulf Mist, GEM has marched into the global top ten chemical tanker operators list.

"The IMO II N2 type, 37,000 dwt multi-purpose Gulf Mist is the third M-Class carrier to be delivered in less than four months," said Ahmed Al Falahi, chief executive officer, GEM. "Like all its sister ships, Gulf Mist will go into a long-term charter with an oil company, generating revenue from the onset," addad Al Falahi.

The fleet's 11th ship delivery coincides with GEM's third anniversary and is the final ship to be delivered in 2007.

Spot tanker rates are witnessing new highs and lows in the current market, with crude prices having reached an all time high this month.

"In the space of three years GEM has secured an enviable position as a key player in the tanker industry. It is a huge achievement and a success built on foresight and planning. Gulf Mist's delivery is a confirmation of GEM's commitment to the market and our resolve to continue to expand and become the leading player in the sector," said Al Falahi.

The brand new product carrier comes equipped with all IMO stipulated requirements in line with the oil majors' specifications.

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