GEM awards USD 216 million contract to Hyundai

These ships will be sister ships to the four ships, of which GEM took delivery in 2005 and with placing of this order GEM's fleet of owned, managed and newbuilds ships reaches 25.

Although, one of the youngest Product tanker companies in the world, established in 2004, GEM is proving to be - as stated at its launch, the fastest growing product tanker company with the most modern, high quality fleet.

The contract award signing ceremony was held today at GEM offices, signed by Mr. Yusr Sultan and Mr. Shine Kang, General Manager - Ship Sales Department of Hyundai Mipo Dockyard, thus further cementing the already existing relationship with Hyundai.

Speaking at the signing ceremony Yusr Sultan, Board member & CEO of GEM stated: "GEM has once again proven itself as a company which will continue to excel as a product tanker company - delivering excellence across the oceans, servicing an international portfolio of customers. These vessels, which will carry petroleum products, will be state-of-the-art. They will be fitted with the latest deep well pumps and meet international environment safety requirements by being completely double-hulled."

He also stated that this order had been placed after extensive consultation with number of Ship Builders. However, based on quality track record and right commercial terms Hyundai has emerged as a winner.

GEM has recently been awarded with been awarded with ISO 9001-2000 Quality Management System (QMS) and ISO 14001-2004 Environment Management System (EMS) Certification for the operational and technical management of a fleet of petroleum and chemical tankers. Furthermore, GEM has also undergone Oil Major Audits as required by Tanker Management Self Assessment (TMSA). "Continuous Improvement in our activities is of highest priority within GEM" stated Jim Hayer, COO of GEM.

Speaking on behalf of Hyundai, Mr. Jun said, "GEM has become one of our top clients and this order further strengthens our relationship. In addition to this, we also have an agreement with GEM for eight (8) options - for 4x47K dwt vessels and 4x75K dwt vessels, similar to the ones ordered today. We are delighted with our ongoing relationship with GEM."

The signing ceremony held at GEM offices was attended by Mr. Shine Kang, General Manager, Mr. Yong Man Chun, General Manager / Initial Planning & Estimation Dept. and Mr. San Min, Assistant Manager / Ship sales Dept. of Hyundai Mipo Dockyard Co. Ltd., Mr. Scott McCabe, Norton Rose and Mr. Yusr Sultan Al Junaidy, Board Member and CEO, Mr. Jim Hayer, Chief Operating Officer, Mr. Zafar Rizvi, Head of Finance and Company Secretary and some of GEM employees.