Message from the CEO Ahmed Hareb Al Falahi

"We are committed to shaping tomorrow's energy transportation markets."

Gulf Energy Maritime, the Middle East's largest independent commercial product tanker operator, is now on its 8th year of operations. Throughout these years, the company has continued to move forward, fulfilling its vision of delivering 'Excellence Across Oceans'.

Our accomplishments in the last seven years, including having weathered the 'turbulent seas' of the global financial crisis, would not have been possible without the valuable support of the entire GEM team, our worldwide customers and our esteemed shareholders. As such, I first would like to extend my heartfelt thanks.

The years 2008 until 2010 have been quite significant and historic for GEM in terms of industry recognition for our world-class quality service and for the implementation of our fleet expansion programme. Especially 2009,when we received delivery of six new vessels within one year! This accomplishment is not simply about quantity, but of quality vessels that allows us to continue delivering on our promises to our customers and to the market – world-class high-quality vessels that were built and are being operated under the strictest and highest standards of safety, reliability and environment-conscious methods and procedures.

Stable, but could be better, is how I best describe our company's business performance, as well as the global business and economic sentiment in general. And in making such description, I have taken into account several factors.

While the regional shipping industry is still struggling, our company continues to do well – thanks to our sound business strategies. As other companies experience difficulties, especially those who have a young fleet like ours, our decision to have 60-70 percent of our ships on time charter, with the rest of the 30-40 percent on the spot market, such a strategy has enabled us to weather the storm brought about by the global financial crisis. Discipline and not greed have surely reaped handsome benefits for us.

From our humble beginnings of owning just two ships in 2004, our fleet has now grown to 17, making us the Middle East's largest private, independent commercial energy transporter. And by 2012, GEM's fleet is yet to grow further by two more, not just in terms of quantity but also in size. By that time, GEM is expecting delivery of two new Aframax vessels from Samsung Heavy Industries with a capacity of 114,700 dwt – both of which are Long Range 2 specification that are capable of carrying both clean petroleum products and dirty products.

On the product tanker market, I can safely say that it has been a more disciplined market compared with other markets. We have not seen any major orders taking place in 2011 and I attribute this to many mature owners who, at the same time, are experiencing difficulties because the market is not very healthy. And any sense of optimism will open the gates again to new orders, which will actually make it difficult to control.

Our achievements in the past years in terms of profitability, growth and industry recognition for providing the market with safe, reliable and environmentally efficient products and services have all but inspired us even further.

In the meantime, GEM, together with its staff and crew, shall remain steadfast with all of its commitments and shall continue to deliver our products and services in the only way we know how – that of a high quality, safe and secure manner.