Gulf Energy Maritime (GEM) has remained vigilant over the continued impact of the global financial crisis, particularly on the oil tanker sector, while simultaneously keeping a carefully optimistic stance with regard to the market’s requirement for greater size and flexibility in the oil transport market as the company took delivery of its 18th vessel.
Standard Chartered arranged a Korean Export Credit Agency (ECA) backed financing for the vessel.
As the Middle East’s largest independent commercial product tanker operator took delivery of its 18th vessel and its first-ever Aframax vessel from Samsung Heavy Industries’ Shipyard, Saeed Khoory, Chairman of the Board of GEM indicated that while the oil tanker market continues to struggle in sailing through the ‘rough seas’ brought about by a global economic recession, it is also imperative to continue, even in a cautious approach, product development and offering. This, he said, will enable GEM to be prepared and a step ahead once the market and the demand recovers, stabilizes and grows.
“This is indeed a historic and eventful day for Gulf Energy Maritime,” said Saeed Khoory, Chairman of the Board of Directors of GEM , as he led dignitaries and other company officials at the ship delivery event. “Our philosophy of ‘excellence across oceans’ has been the key to our continued success. The delivery of Gulf Vision and its entry into GEM’s fleet is indicative of our unrelenting commitment to such philosophy and of GEM’s responsiveness to the needs and requirements of our customers and the market.”
Other VIPs and dignitaries present were Mulham Al Jarf, Vice Chairman, GEM; Ahmed Al Falahi, CEO, GEM; Ovijit Roy, GEM’s Head of Fleet, and Dereck Wate, Head of Finance. Also present was Knut Mathiassen, Regional Head – Shipping Finance – Middle East & Africa of Standard Chartered Bank.
In accepting delivery of the vessel, Al Falahi said: “Our continued success brought about by a well-planned and well-executed business strategy has enabled us to push forward with our fleet expansion program and strategically improve our product offering to the market. It is indeed with great pride that I take delivery of Gulf Vision on behalf of GEM,” Al Falahi added. “The trust and confidence in GEM, from both our financial backers and ship-building partners, have increased our capacity and capability to deliver to the market such high quality products and services, and has further elevated GEM’s standing in the industry as amongst the top product tanker operators in the world.”
“I also wish to acknowledge the support and confidence bestowed upon the entire GEM management by its Board of Directors led by our Chairman, Saeed Khoory, who have inspired us all to remain steadfast and dedicated at implementing our business plans dutifully,” Al Falahi concluded.
Gulf Vision, a 114,700-dwt Aframax vessel with Large Range 2 specification, is capable of carrying both clean petroleum products and dirty products such as crude and fuel oil.
GEM is certified by Lloyd’s Register Quality Assurance to the ISO 9001-2000 Quality Management System and ISO 14001-2004 Environment Management System for the operational and technical management of its fleet.
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GEM, October 15, 2012