GEM gets seventh tanker, foresees stable growth

Gulf Energy Maritime (GEM) – the Middle East's largest independent commercial product tanker operator headquartered in Dubai – took delivery of its seventh Panamax tanker and the fleet's 16th vessel. It is now on schedule to enter 2010 with its stable business growth and high safety records.

The 75,000 dwt product oil tanker, Gulf Coral, is the last but one vessel to be delivered this year by Hyundai Mipo Dockyard (HMD), South Korea's biggest shipbuilder. It is also the third of four new Panamax vessels scheduled for delivery in 2009.

Gulf Castle and Gulf Cobalt were the first two Panamaxes delivered to GEM this year. After Gulf Coral, HMD has only one more Panamax to be delivered before November.

"The delivery of Gulf Coral is a clear indication that GEM remains steadfast in its commitment to expanding its fleet and providing the market with reliable, safe and environmentally efficient vessels," said Ahmed Hareb Al Falahi, CEO, GEM.

"Our business growth this year provides a strong indication that we will enter 2010 on a very stable platform. Together with HMD, a trusted ship manufacturer which has strictly implemented GEM's high design standards of safety, reliability and environmental protection, our company will undoubtedly achieve its targets for 2009," he said.

The ship delivery was taken at HMD's Ulsan shipyard by senior executives of GEM.

GEM's adherence to safety, quality and environment-friendly standards have been recognised by the shipping fraternity through the three awards it received last year.

GEM won Seatrade Middle East and Indian Subcontinent Awards in the safety and quality categories, while Lloyd's Middle East Shipping Awards recognised GEM's achievements in the clean seas category, and bestowed the company with the Tanker Company of the Year award.

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