GEM orders first Aframaxes from SHI

Samsung Heavy Industries (SHI) has signed a $160m contract with Gulf Energy Maritime (GEM) for the construction of two high specification LR2 double-hulled Aframax tankers. Upon delivery by end 2011, the two 114,700 dwt vessels will be the first of their kind to join GEM’s growing fleet and will be christened ?Gulf Vision? and ?Gulf Valour?.

“This contract reflects GEM’s continued expansion and its extensive servicing of regional and international customers, indicative of the company’s current fiscal strength,” said GEM ceo Ahmed Al Falahi. “By 2012, many refineries in the Middle East will be up and running. The West is slowing down on building new refineries and GEM will be ideally placed by then to transport either dirty or clean petroleum products to the West. With these two Aframax orders, GEM has invested for the future.”

GEM currently operates a fleet of 11 modern Panamax and chemical/product tankers and has another eight vessels on order, all for delivery by end 2009. The company recently secured over $137m in revenues on its existing fleet.