Gulf Energy Maritime celebrates fifth year of industry leadership

Established in 2004 as an autonomous energy transportation company to fulfill the region's booming shipping needs by Dubai's ENOC, Abu Dhabi's IPIC and Oman Oil Company through a rare form of commercial cooperation which transcended geographical and economic boundaries, GEM has since grown from having two Chemical/Product Tankers to owning and managing a fleet of 19, including new ships on order.

GEM's CEO Ahmed Al Falahi thanked the UAE's Leadership for their far-sighted vision and challenge to businesses to always look ahead and believe in themselves.

He also thanked GEM's shareholders who have always supported every initiative that the company has taken and guided them with their collective wisdom and experience.

GEM's current asset value placed at $1.3bn rates it amongst the top 10 independent product tanker owners in the world. Its quality work ethos, high safety and security standards and environmental safety adherence has been recognised by industry peers.

"In a rare accomplishment by such a relatively young company, GEM's adherence to safety, quality and security has been acknowledged and recognized by the shipping fraternity through the three awards we received in 2008 alone,"

said Al Falahi, GEM's CEO.

Lloyd's Middle East Shipping Awards bestowed the company with the Tanker Company of the Year award as well as in the Clean Seas category, while Seatrade Middle East and Indian Subcontinent Awards awarded GEM in the Safety and Quality category.

With regard to fleet expansion, GEM has received in the recent months four out of six new vessels scheduled for delivery in 2009, including Gulf Castle, the first-ever 75,000 dwt product oil carrier built by Hyundai Mipo Dockyard (HMD). The remaining two vessels scheduled for delivery to GEM by HMD this year are of the same 75,000 dwt product oil carrier type.

"Last year GEM also placed an order for two Aframax vessels from Samsung Heavy Industries with a capacity of 114,700 dwt each are of Large Range 2 (LR2) specification - capable of carrying both clean petroleum products and dirty products such as crude and fuel oil, and scheduled for delivery in 2011," explained Al Falahi.

"Commemorating our fifth anniversary is indeed something that calls for a celebration. What we are actually celebrating is not simply the number of years of existence of our company, but how those years actually went by and the outstanding achievements we've had so far. Although a relatively young company, our achievements indicate that, through each and everyone's hard work, commitment and dedication in strictly implementing and adhering to our company's business ideals and mission, not only have we experienced continued profitability, but we have also been recognized by our peers in the industry for the manner by which we conduct our operations," he added.

GEM is certified by Lloyd's Register Quality Assurance to the ISO 9001-2000 Quality Management System and the ISO 14001-2004 Environment Management System for the operational and technical management of its fleet which it received within two years of establishment of the company.

"GEM is a company whose primary concern is to conduct business while protecting both the environment as well as their highly professional and efficient staff - both on-shore and off-shore," continued Al Falahi.

Looking ahead, Al Falahi further stated that while GEM has enjoyed five years of magnificent voyage so far, such journeys will continue and the challenges are unrelenting.

"The most obvious challenge we have this time is of a global scale - the current financial crisis. However, with the storms and rough seas we've faced together in the past, I am confident that we at GEM will work even harder and be more committed and dedicated in implementing our winning formula and improve further," Al Falahi said.

"Our profitability, world-class high quality vessels, and industry recognition are all reflective of the reputation we've built over these years. I am again confident that all of GEM's employees will continue working together as a team as we uphold our company ideals and commitment and make our reputation even better and stronger," he concluded.