Gulf Energy Maritime's Gulf Elan named in Korea

The USD 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 USD 1.1 billion. The company is to receive another 11 of the total order book of 13 ships valued at USD 590 million by 2009 end.

The ship was named by lady sponsor Jane Slemeck, wife of Mark Slemeck, Managing Director of Kingfish Services Ltd, London-based operators for IPC/Itochu Petroleum which has time chartered the ship for one year.

Gulf Elan 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 USD 400 million Sohar methanol plant.

At the vessel naming ceremony in Ulsan, Korea, Ahmed Essa Hareb Al Falahi, Chief Executive Officer, GEM said: "Our rapid fleet expansion is testament to industry growth and demand for quality-driven and safety-conscious operators, backed by carriers that are environmentally friendly and of the highest operational and technical standards.

"GEM is already the Middle East's largest commercial tanker operator, and will continue to grow and fill an expanding global niche for independent, refined petroleum transportation. The company already has long term charter contracts - current and future - for 11 of its tankers, securing revenues of up to US$ 400 million."

Al Falahi commended Hyundai Mipo Dockyard, Abu Dhabi Commercial Bank and Lloyd's Register for their support and efficiency in ensuring delivery of Gulf Elan on budget and ahead of schedule.

"Our aim is to provide environmentally-friendly, high quality, refined petroleum and chemical tankers with the latest in doubled-hulled technology with deepwell pumps, to take us into the future and build our reputation. The Gulf Elan delivery is a significant milestone in the company's strategy of being among the world's leading tanker operators,"

said Jim Hayer, Chief Operating Officer, GEM.

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.

"GEM has already made significant investments in its future, and with this delivery is committed to continual improvement in our operations and global standings," commented Al Falahi.