Gulf Energy Maritime receives ninth tanker in Korea

The third of 13 tankers on order with Korea's Hyundai Mipo Dockyard (HMD), and the second tanker to be received this year, the IMO II N2 type, 37,000 dwt Gulf Moon will be part of GEM's eventual US$ 1.1 billion 19 strong fleet. The remainder of the total order book will be received by the end of 2009.

Ahmed Essa Hareb Al Falahi, Chief Executive Officer, GEM said: "Gulf Energy Maritime has successfully completed its first phase of growth initiated when the company was set up three years ago, with results in line with the stated targets. Gulf Moon's delivery is a significant milestone as it signals the half way point of our expected growth until 2009.

"Our fleet has seen immense success with long-term charters, with signings of 15 and 20 years becoming the standard, and Gulf Moon will be no exception.

"With two more ships to be delivered by HMD this year the company is well on its way of being among the world's leading tanker operators."

Al Falahi stated that GEM has continued to return a strong profit and a strong increase of cash flow ever since it returned profits from its first day of operations.

"Our financial structure has been reinforced, with higher operating revenues and operating profits. The coming year will see this increase continue," he said.

"This performance is the result of major internal efforts: further reductions in costs, improved contract execution, a more efficient and streamlined organisation and more rigorous project management. Our efforts are always to increase safety and quality in our fleet and indirectly pass on those advantages to our clients."

GEM provides environmentally-friendly, high quality, refined petroleum and chemical tankers. The benefits of double-hulled technology are naturally available on all of GEM's vessels, and Gulf Moon will have the same safety features, ensuring the company continues improving maritime safety and environmental management issues.

In keeping with IMO stipulations that all ships built after 2009 carrying flammable liquids must have an inert gas plant for full discharge capacity of the vessel, GEM has already invested in Gulf Moon's future by fitting a nitrogen plant. Most oil majors insist on this installation.

"This investment allows the safe carriage of Low Flash-Point cargoes under inerted conditions and reduces the risk of possible contamination of sensitive high grade Chemical Cargoes," explained Al Falahi.

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.