Korea delivers first new tanker to GEM

Dubai-based Gulf Energy Maritime (GEM) has taken delivery of the first of four 65,000DWT ddouble hull Panamax tankers it has on order from Korean shipbuilder, Hyundai Heavy Industries, three months ahead of schedule.

Named ?Gulf Pearl?, the vessel will immediately go into service with Glencore as part of a three charter deal. Launched less than a year ago, GEM, a joint venture in which Emirates National Oil Company (ENOC) has a 35% share, the company now has a fleet valued in excess of $ 550 million. International Petroleum Investment Company (IPIC) and Oman Oil Company both have a 30% share in GEM, with 5% held by Thales under the UAE Offset Programme.

‘The delivery of ?Gulf Pearl? marks an historic event in GEM’s development, which is determined to become a major player in the tanker industry,’ said Hussain Sultan, Group Chief Executive and Board Member, ENOC. Including Gulf Pearl, GEM has ordered nine new vessels since it was launched last year and already has long term charter contracts for six of its tankers securing revenue of up to US$ 350 million.

As well as the Korean new-build vessels GEM will also manage the construction of four small tankers it is having built for ENOC at Dubai Drydocks.