Mipo clinches four PCs

Fast expanding Gulf Energy Maritime (GEM) has ordered four high spec double hulled handymax 47,000 dwt chemical/product tankers at Hyundai Mipo Dockyard at a cost of $180 million. The four tankers are scheduled for delivery in 2008 and 2009 and will be named ?Gulf Baynunah?, ?Gulf Jumeirah?, ?Gulf Muttrah? and ?Gulf Rastaq?.

Speaking at the signing, Yusr Sultan, CEO of GEM, said: “This contract reflects the continued expansion of GEM and its extensive servicing of regional and international customers. These tankers, which will carry easy chemicals, will be state-of-the-art. They will be fitted with the latest deep well pumps, nitrogen generators and meet international environment safety requirements of being completely double-hulled.”

“Hyundai Mipo Dockyard Co. was selected following extensive consultations with a number of shipbuilders. We had to ensure that we build at a yard with long track record of building similar ships and on the right commercial terms,” added Sultan.

These four vessels will join existing GEM fleet which currently comprises of six modern Panamax coated tankers and five chemical/product tankers, to be delivered in 2006-2007. In addition, GEM also manages two vessels and a four-vessel new building project for ENOC at Dubai Drydocks. GEM has a total fleet of 21 trading and new building ships exceeding the value of AED 3 billion.