Sources indicate that Gulf Energy Maritime (GEM) PJSC awarded a $216m ship building contract to Hyundai. The contract is for four high specifications, double hulled, coated product tankers of 75,000 dwt. These ships will be sister ships to the four ships, of which GEM took delivery in 2005 and with placing of this order GEM's fleet of owned, managed and newbuilds ships reaches 25. Although, one of the youngest product tanker companies in the world, established in 2004 — GEM is proving to be as stated at its launch — the fastest growing product tanker company with the most modern, high quality fleet. The contract award signing ceremony was held at GEM offices, signed by Yusr Sultan and Shine Kang, General Manager, Ship Sales Department of Hyundai Mipo Dockyard.