GEM inks five Hyundai tankers

Dubai-based Gulf Energy Maritime (GEM) has awarded South Korea’s Hyundai Mipo Dockyard a contract for five high specification double hulled product/chemical tankers for delivery during 2006/2007.

The contract, valued at approximately $180 million, is for three 37,000dwt and two 47,000dwt tankers. “This contract reflects the continued expansion of GEM and its extensive servicing of regional and international customers,” said Hussain 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.”

Hyundai Mipo was selected following extensive consultations with a number of international shipbuilders. “The selection was based on our desire to ensure that the vessels are built at a yard with a long track record of building similar tankers and on the right commercial terms,” explained Sultan. The five new vessels will join a GEM fleet which currently comprises two, four-year-old Panamax tankers and four additional Panamax tankers which are scheduled for delivery from Hyundai Heavy Industries next year.

GEM was established under the UAE Offsets Programme earlier this year as a joint venture between Dubai-headquartered Emirates National Oil Company (ENOC) LLC, Abu Dhabi’s International Petroleum Investment Company, Oman Oil Company and Thales of France. GEM was set up to fill an expanding global niche for independent clean petroleum transportation, as global shipping laws outlaw existing single hulled ships.