GEM expands double hull fleet

Gulf Energy Maritime will spend US $180 million on five new double hulled tankers.

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By  David Ingham Published  November 7, 2004

Gulf Energy Maritime (GEM) has contracted South Korea’s Hyundai Mipo Dockyard to build five double hulled tankers for delivery in 2006/2007. The contract, worth US $180 million, is for three tankers with a 37,000 ton capacity and two with a 47,000 ton capacity. “This contract reflects the continued expansion of GEM and its extensive servicing of regional and international customers,” said Hussain M. Sultan, GEM’s chairman and chief executive officer. “These tankers, which will carry petroleum products and chemicals, will be state-of-the-art. They will be fitted with the latest deep well pumps and meet international environmental safety requirements by being completely double-hulled.” The contract was signed at GEM’s Dubai headquarters by Hussain Sultan and Moon Sung Byun, senior vice president, Hyundai Mipo Dockyard. The five new vessels will join a fleet of two existing panamax coated tankers, and four more panamax tankers due for delivery in 2005. GEM is a UAE Offsets company owned by Dubai’s ENOC, Abu Dhabi’s International Petroleum Investment Company, Oman Oil Company and Thales of France.

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