The Dubai-based Gulf Energy Maritime (Gem) has awarded South Korea’s Hyundai Mipo Dockyard Co Ltd a contract for five tankers.

According to the contract, valued at $180 million, the five highly-specified double-hulled tankers will be delivered between 2006 and 2007. Three of the tankers will have a 37,000-tonne capacity each and two others a 47,000-tonne capacity.
This contract shows the continued expansion of Gem and its extensive services of regional and international customers, Gem chairman and CEO Hussain Sultan said.
The tankers, designed to carry petroleum products and chemicals, will be equipped with the latest deep-well pumps and meet international environmental safety requirements, Sultan added.