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Hyundai Mipo gets $180m tanker contract from GEM

Sultan said: "The contract is valued at $180 million for three tankers each with a 37,000 tonne capacity and two with a 47,000 tonne capacity. This contract reflects the continued expansion of GEM and its extensive servicing of regional and international customers. These tankers will carry petroleum products and chemicals and will be state-of-the-art. They will be fitted with the latest deep well pumps and meet international environmental safety requirements by being completely double-hulled."

Moon Sung Byun, senior vice president of the Hyundai Mipo Dockyard Co. Ltd., based in Ulsan, Korea, said: "The five new vessels will join a GEM fleet which currently comprises two, four-year-old panamax coated tankers and four additional panamax tankers which are scheduled for delivery from Hyundai Heavy Industries next year. Though a young company, GEM has already secured an expanding international reputation of being a quality driven, independent commercial tanker company and is a major asset in our client portfolio."

GEM was established under the UAE Offsets Programme earlier this year as a joint venture between Dubai-headquartered Emirates National Oil Company (ENOC) LLC, Abu Dhabi's International Petroleum Investment Company, Oman Oil Company and Thales of France.

GEM has been well received on the international shipping scene and recently secured $100 million in revenue on its existing four new builds via a three-year, post-delivery chartering agreement with an investment grade company."