Dubai-based Gulf Energy Maritime (GEM) has been named as the shipowner behind a $264m newbuilding contract placed at South Korea's K Shipbuilding. The deal covers a series of LR1 product tankers, according to sources cited by TradeWinds, marking a significant expansion of the company's fleet. The order is understood to effectively double GEM's existing panamax product carrier fleet, underlining the Dubai owner's ambitions to grow its presence in the clean petroleum products trade. GEM, led by chief executive
Amir Maghami, who is also chairman of Global Feeder Shipping, has built a reputation as an active player in the Middle East tanker sector. The contract adds to a wave of newbuilding activity among tanker owners this year, as firms seek to renew and expand fleets despite persistently high newbuilding prices at Asian shipyards. K Shipbuilding, based in South Korea, has been securing a steady stream of orders from international owners across multiple vessel segments. According to TrustedDocks orderbook data, the order comprises three LR1 tankers of 50,000 dwt each, running on conventional fuel, with deliveries scheduled between January and June 2028. The deal was reported on 24 Mar 2026, citing SSY and TradeWinds as sources. Further details on the specifications of the LR1 tankers have not been disclosed. The order follows broader momentum in the product tanker newbuilding market, as owners position themselves to capture demand growth in refined fuel shipments.
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