GEM close to achieving its 2009 target

Gulf Energy Maritime (GEM), the Middle East's largest independent commercial product tanker operator, is halfway through receiving all its new vessels for this year and a step closer in achieving all its targets for 2009, following the delivery of another new vessel named Gulf Rastaq.

Built by Korea's Hyundai Mipo Dockyard (HMD), Gulf Rastaq becomes GEM's 14th vessel overall, and the fourth IMO II-N2 type 47,000dwt tanker in its fast-growing fleet.

"Having received three out of six new vessels scheduled for delivery this year, this certainly is indicative of how GEM is committed to achieving all its targets for the year," said Ahmed Essa Hareb Al Falahi, CEO, GEM.

"The delivery of Gulf Rastaq is an indication of how HMD has been doing a great job of meeting our targets that allow us to provide the market with safe, reliable and environment-conscious vessels.

"GEM remains steadfast in being consistent with the highest standards of safety and quality for the benefit, not just of our customers, but also of the environment and our staff."

Following the delivery in March 2009 of Gulf Castle, the first-ever 75,000dwt product oil carrier built by HMD and the fifth such type of vessel in GEM's fleet, the remaining three vessels scheduled for delivery to GEM by HMD this year are of the same type.

GEM also has on order two Aframax vessels from Samsung Heavy Industries with a capacity of 114,700dwt each, scheduled for delivery in 2011.

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