US$55 million tanker sets sail for GEM

US$55 million tanker sets sail for GEM
By Administrator
Wed 01 Aug 2007 12:00 AM

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

The US$55 million Gulf Mews is the second M-Class carrier to be delivered in a month. The 37,000 dwt multi-purpose (M-Class) vessel, cements the Dubai-headquartered company's drive to climb the global top tanker operator list.

"With Gulf Mews' delivery, our third ship this year - we have now reached the tenth ship delivery milestone in 32 months since inception, a feat very few companies in the Middle East, or the world, can emulate," said Ahmed Essa Hareb Al Falahi, chief executive officer, GEM.

"With nine more ships worth $480 million to be delivered before end of 2009 GEM's standing in the worldwide multi-trillion dollar tanker operator market is extremely remarkable," he added. The company's eventual 19-strong fleet will be worth approximately $1.1 billion.

Gulf Mews is equipped with the latest IMO stipulated mechanisms, processes and technology including an inert gas plant for full discharge capacity of the vessel - a prerequisite for oil majors.

Dubai headquartered GEM is only its third year of operation which makes the rapid expansion all the more remarkable. Emirates National Oil Company (ENOC), Abu Dhabi-based International Petroleum Investment Company (IPIC), Oman Oil Company and Thales, back the joint venture company.

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