ADCB, GEM sign $100m deal

According to reports, Abu Dhabi Commercial Bank (ADCB ) has granted a loan of $100m to Gulf Energy Maritime (GEM) PJSC, a Product / Chemical tanker Company. The Loan agreements were signed yesterday at GEM Offices between Yusr Sultan, CEO of GEM and Shafqat Ali Rana, Head of ADCB's Dubai Corporate Div. and P.P.Saradhi, Vice-President of ADCB in the presence of Hassan Jarrar, Head of Commercial Banking, ADCB. GEM signed this loan with ADCB for their recently ordered vessels Gulf Castle and Gulf Cobalt. These hulls of 75000 dwt each are two out of four Panamaxes ordered in January this year and are the high specification double hulled product tankers, being built at Hyundai Mipo Dockyard. Gulf Castle & Gulf Cobalt are scheduled for delivery in 2009. ADCB has in the past extended to GEM loans aggregating to USD 94.5 mio. for financing three vessels — Gulf Stream, Gulf Elan and Gulf Esprit. As one of the core banks for GEM and the ENOC group, ADCB has enjoyed a long term partnership for several years. The signing of the loan agreements for these two new vessels today further reinforces the partnership. GEM, a commercially focused product tanker company has a most modern, sophisticated fleet and its asset value exceeds $ 1 Billion. GEM's fleet comprises of ten coated Panamax tankers and nine chemical/product tankers, to be delivered between 2006 and 2009. In addition, GEM also manages two vessels and a four-vessel New building project. Incorporated in June 2004, a Joint Venture between ENOC, IPIC, OOC, GEM has already attained ISO 9001-2000 Quality Management System (QMS) and ISO 14001-2004 Environment Management System (EMS) accreditation within a year of its incorporation. It has also been approved by various Oil Majors and Tanker Management Self Assessment (TMSA). Source: Business Times