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Fri 1 Dec 2006 12:00 AM

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UAE company Gulf Energy Maritime


UAE company Gulf Energy Maritime has named its new US$55 million ship at a ceremony in Korea.

The Gulf Esprit is the first of 13 double-hulled tankers ordered by Dubai-headquartered Gulf Energy Maritime (GEM).

The 47,000 dwt Gulf Esprit is the seventh double-hulled tanker in GEM’s rapidly growing fleet.

The company is to receive another 12 hi-specification vessels with an order book value of $570 million by the end of 2009.

GEM has one of the youngest fleets in operation.

GEM’s asset value stands at $1.1 billion.

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