The facility was signed by Capt. Jim Hayer, Chief Operating Officer of GEM and Rajan Khetarpal, Head of Emirates Bank Dubai Main Branch Corporate Banking Unit.

“Emirates Bank is committed to supporting sound economically viable asset backed transactions. Low risk transactions of this nature are becoming even more competitive in view of the expected phasing in of the Basel II guidelines for capital adequacy. We are very pleased to be mandated ahead of several other banks for this financing,” said Khetarpal.

The loan will help Gulf Energy expand its fleet size in line with it strategy to become a major regional shipping business said Captain Jim Hayer: “This facility allows GEM to take advantage of the depth in the local bank market and provides us flexibility as we evaluate the most effective strategies to enhance value for our shareholders,” he said.

These tanker ships are part of a wider order recently placed by GEM on Hyundai Mipo Dockyard in Korea. The tankers will be double hulled in compliance with the latest IMO regulations and will also be fitted with Nitrogen generators to allow transportation of chemicals.