GEM doubles fleet

Dubai-based Gulf Energy Maritime (GEM) took delivery of the second of four vessels it has on order from Korean shipbuilder, Hyundai Heavy Industries, in a deal which has seen the tanker operator double the size of its fleet in only one year of operations.

GEM is a joint venture in which Emirates National Oil Company (ENOC) has a 35% share, International Petroleum Investment Company (IPIC) and Oman Oil Company each own 30%, and 5% is held by Thales under the UAE Offset Programme. The new high-specification Panamax double-hulled tanker, Gulf Horizon, was completed three months ahead of schedule and will immediately go into service with Glencore (Charters) as part of a three-year deal.

The first of the vessels Hyundai was commissioned to build, Gulf Pearl, was delivered two months ago, and with the delivery of Gulf Horizon, GEM’s fleet now stands at a total of four. The last two tanker newbuildings are expected to be ready next year. Including the latest delivery, GEM has ordered nine new vessels including the construction of four small tankers it is having built for ENOC at Dubai Drydocks.