Gulf Energy Maritime's Gulf Esprit named in Korea: Further US $570 order book due by 2009 end

The 47,000 dwt Gulf Esprit is the seventh double-hulled tanker in GEM's rapidly growing fleet - now one of the youngest in the world. The company is to receive another 12 hi-specification vessels with an order book value of USD 570 million by 2009 end.

Delivery of the Gulf Esprit, which will go into time charter with Oman Methanol Company, a subsidiary of Oman's giant OMZEST Group, on a 15-year deal, takes GEM's asset value to USD 1.1 billion.

The IMO-III, N2 type Gulf Esprit is jointly owned by GEM, which holds a 75% stake, and the OMZEST Group with a 25% holding via its subsidiary Waroz Holding Co. GEM has an agreement with OMZEST to supply product transportation for its USD 400 million Sohar methanol plant.

At a special vessel naming ceremony in Ulsan, Korea, OMZEST Director Ms. Reem Omar Zawawi sounded an optimistic forecast for Gulf Esprit and the regional tanker industry.

"Worldwide tanker demand remains buoyant and whilst there is increasing competition, charter rates remain favourable," she said. "With GEM readying to take delivery of more vessels, Oman Methanol is poised to secure an advantage."

GEM's Chief Executive Officer, Yusr Sultan, said the Gulf Esprit delivery is a significant milestone in the company's strategy of being among the world's leading tanker operators.

"In just two years of operation GEM has made a significant impact on the global tanker industry, with another 12 vessels due over the next 36 months, our standing in international rankings is set to rise even further," he said. "GEM is now recognised as a quality operator and one which is setting regional benchmarks for delivering excellence across oceans in operations - environment, health & safety procedures."

GEM is certified by Lloyd's Register Quality Assurance to the ISO-2000 Quality Management System and ISO 14001-2004 Environment Management System for the operational and technical management of its fleet.

Jim Hayer, GEM's Chief Operating Officer, said delivery of the Gulf Esprit would push the company higher up the international tanker operators league.

"The rise of Gulf Energy Maritime may indeed have been rapid but this is only the beginning of a story. We intend to become something of an industry standard, committed to continual improvement," commented Hayer.