Dubai-based Gulf Energy Maritime (GEM) has placed an order for six product tankers in a deal worth about $300m, adding to a fresh round of contracting in the MR segment. Shipbuilding sources said the 50,000 dwt vessels will be split between South Korea and Vietnam, with three ships to be built at HD Hyundai Heavy Industries and the remaining three at HD Hyundai Vietnam Shipbuilding. The order marks a return to the Hyundai group for GEM, which has built much of its existing fleet at the yard. Formed in 2004 as a joint venture between ENOC, Abu Dhabi’s former IPIC, Oman Oil Company and France’s Thales, the company operates more than 10 tankers and has another batch of newbuildings lined up for delivery over the next two years across the MR and LR segments. The latest series is expected in 2029. The latest move also underlines continued appetite for product tanker tonnage, with several owners said to be lining up similar orders. Market talk has linked product tanker giant Hafnia to a four-ship MR order at HD Hyundai Heavy Industries, with each vessel priced at around $50m and deliveries expected in 2028. Meanwhile, UK-based Hayfin Capital Management is also reported to have entered the newbuilding market with a series of MR tanker orders at the same yard. The move follows its recent involvement in a suezmax resale deal tied to Capital Group. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsSouth Korea United Arab Emirates