Gulf Energy Maritime (GEM) is a leading independent product/chemical tanker company and is rated among the top 10 independent product tanker owners in the world. GEM's primary objective is to maintain high standards of safety and quality in ship construction, operation and management.
GEM is a joint venture formed in 2004. IPIC holds a 30.5% stake and the other partners are Emirates National Oil Company, Oman Oil and Thales. GEM invests in and manages modern state-of-the-art double-hull tankers designed to carry petroleum products, chemicals and other hydrocarbons.
The company’s growth perspective is a long-term strategic one and accordingly the majority of its vessels are expected to be fixed in a mixed portfolio of long-term and spot charters.
GEM currently has a young fleet of 19 trading ships, having grown from owning just two ships in 2004, making it the Middle East's largest private, independent commercial energy transporter. The fleet ranges typically from 37,000 to 75,000 dwt in the Panamax, Handymax and MR classes. Its most recent acquisitions are two new Aframax vessels from Samsung Heavy Industries with a capacity of 114,700 dwt – both of which are Long Range 2 specification, capable of carrying both clean petroleum products and dirty products.
The company’s strategy is to have 60-70% of its ships on time charter, with the remainder of the 30-40% on the spot market. This disciplined strategy has enabled GEM to weather the storm brought about by the global financial crisis. The company has been awarded ISO 9001-2000 Quality Management System (QMS) and ISO 14001-2004 Environment Management System (EMS) Certification.