Gulf Energy Maritime (GEM) has signed a major shipbuilding contract with South Korea’s Hyundai Mipo Dockyard worth approximately $180 million for the building of four high specification double hulled product/chemical tankers.

The four tankers with 47,000 tonnes capacity are scheduled for delivery in 2008 and 2009 and will be named Gulf Baynunah, Gulf Jumeirah, Gulf Muttrah and Gulf Rastaq.
Speaking at the signing, Yusr Sultan Al Junaidy, CEO of GEM, said: “This contract reflects the continued expansion of GEM and its extensive servicing of regional and international customers. These tankers, which will carry easy chemicals, will be state-of-the-art. They will be fitted with the latest deep well pumps, nitrogen generators and meet international environment safety requirements of being completely double-hulled.”
The contract award was signed at GEM offices by Al Junaidy and T D Lee, general manager and B S Jeon, assistant manager of Hyundai Mipo Dockyard Co Ltd Ulsan, Korea.
“Hyundai Mipo Dockyard Company was selected following extensive consultations with a number of shipbuilders. We had to ensure that we build at a yard with long track record of building similar ships and on the right commercial terms,” added Sultan.
These four vessels will join existing GEM fleet which currently comprises six modern Panamax coated tankers and five chemical/product tankers, to be delivered in 2006-2007. In addition, GEM also manages two vessels and a four-vessel new building project for Enoc at Dubai Drydocks. GEM has a total fleet of 21 trading and new building ships exceeding the value of Dh3 billion.
GEM also recently secured $330 million in revenues on its existing fleet. “GEM has expanding international reputation of being a quality driven, independent commercial tanker company and is a major asset in our clients’ portfolio, it further strengthens the relationship between Hyundai and GEM,” said Lee.
Established in June 2004, GEM is a joint venture under the UAE Offset Programme between Emirates National Oil Company (Enoc), Abu Dhabi-based International Petroleum Investment Company (IPIC), Oman Oil Company and Thales. GEM transports petroleum products and easy chemicals, and operates in an environmentally aware and commercially viable manner.