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GEM over the moon with latest addition

GEM over the moon with latest addition

Dubai: Dubai-based Gulf Energy Maritime (GEM), the Middle East's largest independent product tanker operator, has taken delivery of its ninth double-hulled tanker worth $55 million.
The third of 13 tankers on order with Korea's Hyundai Mipo Dockyard (HMD), the IMO II N2 type, 37,000 dwt Gulf Moon will be part of GEM's $ 1.1 billion 19 strong fleet.
The remainder of the order book will be received by the end of 2009.
"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," said Ahmad Eisa Hareb Al Falahi, chief executive officer of GEM.  [21/06/07]

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