Gulf Energy Maritime (GEM) has announced that it is halfway through receiving all its new vessels for this year following the delivery of another new vessel, named Gulf Rastaq.
The Dubai-based independent commercial product tanker operator said that the Gulf Rastaq, built by Korea’s Hyundai Mipo Dockyard (HMD), becomes the fourth IMO II-N2 type 47,000 dwt tanker in its fleet.
“Having received three out of six new vessels scheduled for delivery this year, this certainly is indicative of how GEM is committed on achieving all its targets for the year,” said Ahmed Essa Hareb Al Falahi, GEM’s CEO.
In addition, GEM also has on order two Aframax vessels from Samsung Heavy Industries with a capacity of 114,700 dwt each are of Large Range 2 (LR2) specification – capable of carrying both clean petroleum products and dirty products such as crude and fuel oil, and scheduled for delivery in 2011.
Established four years ago, GEM has built an asset value now standing at US$ 1.3 billion.
GEM is a joint venture partnership between Dubai’s Emirates National Oil Company (ENOC), Abu Dhabi’s International Petroleum Investment Company (IPIC), the Oman Oil Company (OOC) and Thales of France under the UAE Offsets program.
