GEM takes delivery of double-hulled tanker

Gulf Energy Maritime (Gem) has taken delivery of the second of 13 double-hulled tankers on order with Korea’s Hyundai Mipo Dockyard (HMD) in less than three months.

The $57 million ?Gulf Elan? is the eighth double-hulled tanker in Gem’s rapidly growing fleet, which is expected to triple within the next three years and take Gem’s asset value to $1.1 billion.

The company is to receive another 11 of the total order book of 13 ships valued at $590 million by the end of 2009. The latest newbuilding will follow the trading path of its sister ship, ?Gulf Esprit?, delivered to Gem last November, by going into time charter with Oman Methanol Company, a subsidiary of Oman’s giant Omzest Group, on a 15-year deal.

In response to global demand for methanol carriers, Gem, in a 75-25% partnership with Waroz Holding Company Limited, an Omzest subsidiary, had specially ordered the two Imo-III, N2 type 47,000 dwt ships to supply product transportation for its $400 million Sohar methanol plant.