Gulf Energy Maritime (GEM) has been named as the owner behind a $264m newbuilding contract at K Shipbuilding.

Multiple shipbuilding sources said the deal involves two firm 74,000-dwt LR1 product tankers, with options for two more, costing about $66m each.

One source tracking the yard’s orderbook said Dubai-based GEM was one of two companies behind contracts worth KRW 510bn ($370m) that K Shipbuilding announced on Wednesday.

New York-listed Top Ships is trading at a huge discount to its intrinsic value, according to boss Evangelos Pistiolis.

The Greek crude and product tanker company has calculated its net asset value at $289m at 31 December.

Top Ships is taking over nine contracts for tanker newbuildings agreed by main shareholder Evangelos Pistiolis’ private interests.

TradeWinds reported earlier in February that the Greek owner’s Central Mare had signed deals for 10 MR carriers, which was confirmed by state-owned China State Shipbuilding Co.

New York-listed Top Ships said on Monday that it is buying 100% of nine Marshall Islands companies that own the contracts for the “very high specification” 47,499-dwt clean tankers to be built at Guangzhou Shipyard International.

Germany’s Leonhardt & Blumberg is expanding its presence in the MR tanker segment through newbuildings.

The container ship tonnage supplier, which made its debut in the tanker segment in 2021, has contracted China’s Guangzhou Shipyard International to build two 50,000-dwt chemical/product carriers.

Athens-based tanker company Rubico is cutting the number of its shares to boost the stock price on the Nasdaq exchange in New York.

The Evangelos Pistiolis-controlled owner of two suezmaxes was spun off from Top Ships last year.

The company said the reverse stock split will be effective when trading begins on Thursday.

A potential $200m-plus property deal involving tanker owner Top Ships and its boss, Evangelos Pistiolis, has been delayed by the US-Iran war.

In November, the New York-listed company agreed an exclusive option to purchase residential assets in Dubai from its major shareholder and chief executive.

Greek shipowner Evangelos Pistiolis has returned to South Korea for his latest round of tanker newbuildings.

It continues an active period in the newbuilding market, during which Pistiolis has contracted product carriers in China.

Multiple shipbuilding players said he has commissioned HD Hyundai Heavy Industries to build three 50,000-dwt MR tankers.

Greek shipowner Evangelos Pistiolis has extended his tanker newbuilding campaign with his first order at South Korea’s K Shipbuilding.

His private company, Central Mare, has contracted two 50,000-dwt product tankers, attracted in part by the short delivery time frame.

It is paying more than $53m apiece for the MRs, newbuilding experts say.

New York-listed Top Ships is lining up share sales to raise cash for newbuildings and secondhand buys.

The Greek owner of VLCCs and MR tankers has struck a share-purchase agreement with investment adviser B Riley’s Principal Capital II fund, a regulatory filing shows.

Evangelos Pistiolis-controlled shipowner Rubico is banking on new tankers to drive its next phase of growth.

The Nasdaq-listed spin-off from its main shareholder’s Top Ships operation logged a first-half loss of $1.1m, on revenue of $9.7m.

The owner of two modern suezmaxes was formed in 2025.