Business | Shipping
Hyundai clinches $180m tanker deal
Gulf Energy Maritime (GEM), a Dubai-based shipping firm, has awarded a contract worth $180 million to South Korea's Hyundai Mipo Dockyard to build four double-hulled tankers.
- By Shakir Husain, Staff Reporter
- Published: 00:00 January 18, 2006
Dubai: Gulf Energy Maritime (GEM), a Dubai-based shipping firm, has awarded a contract worth $180 million to South Korea's Hyundai Mipo Dockyard to build four double-hulled tankers.
The four product and chemical tankers of 47,000-tonne capacity are scheduled for delivery in 2008 and 2009.
"This contract reflects the continued expansion of GEM and its extensive servicing of regional and international customers," GEM chief executive officer Yusr Sultan said after signing the deal in Korea.
The tankers, named Gulf Baynunah, Gulf Jumeirah, Gulf Muttrah and Gulf Rastaq, will be fitted with deep-well pumps, nitrogen generators and meet environment safety requirements of being completely double-hulled, GEM said.
The company said it selected Hyundai Mipo Dockyard for its "long track record of building similar ships and on the right commercial terms."
The existing GEM fleet comprises six Panamax coated tankers. It is also expected to take delivery of five chemical and product tankers in 2006-2007.
GEM's stakeholders are Emirates National Oil Company (Enoc), Abu Dhabi's International Petroleum Investment Company (IPIC), Oman Oil Company and commercial and defence electronics maker Thales.
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