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.

Nasdaq-listed spin-off Rubico has bought the final tanker in a series of 10 ships ordered by its main shareholder, Evangelos Pistiolis.

The company said in its annual report that a deal was agreed last month for an MR under construction at Guangzhou Shipyard International in China.

The seller, private Pistiolis company Central Mare, has arranged a sale-and-leaseback financing agreement with a major Chinese leasing company.

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.

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.

New York-listed Top Ships has struck a deal to add more product tanker newbuildings in a move that boosts its revenue backlog to $930m.

The Greek company said it is buying the three MR vessels ordered in South Korea in June by major shareholder and chief executive Evangelos Pistiolis.

Greece’s Top Ships has seen its overall worth jump 24% in three months as the fleet expands, bosses said.

The New York-listed tanker owner, controlled by Evangelos Pistiolis, calculated net asset value at $359.2m as of 30 June.