Gulf Energy Maritime (GEM) has been linked to four sales of LR1 tankers, which would cut its exposure to the segment by half.
Less than a year ago, the Dubai-based company sold the last of its larger LR2 vessels.
Several brokers in the US, London and Greece reported GEM has sold the 75,000-dwt sisterships Gulf Cobalt, Gulf Crystal and Gulf Castle (all built 2009) for about $17.8m each. Separate reports are also throwing the 75,000-dwt Gulf Stream (built 2005) into the mix, in a $10.4m sale.
No buyer has been revealed, but some reports said that Greeks may have acquired at least two of the vessels.
About 21 LR1s have changed hands in the sale-and-purchase market or in sale-and-leaseback deals since the beginning of the year, according to VesselsValue. Germany's Chemikalien Seetransport and Greece's Centrofin have been among the biggest buyers.
Managers at GEM did not respond to a request for comment. However, the company is in a process of winding down its fleet. Last December, GEM exited the LR2 market after selling the 114,000-dwt Gulf Vision (built 2012) and Gulf Valour (built 2013) to Zodiac Maritime.
GEM's single biggest shareholder, Emirates National Oil Co (ENOC), also shed ships at about the same time. ENOC, which is owned by Dubai's government, sold two product tankers in January, in a move that marked the end of its direct involvement in oil carriers.
Ageing out
ENOC officials were unavailable to comment on why they sold the ships at the time, although it is likely their age and the 2020 sulphur cap strongly influenced the decision.
Similar thinking may have been underpinning GEM’s sales. Divesting the LR1 quartet this week would leave the company with 13 product tankers, all built between 2005 and 2009. GEM's remaining fleet would consist of four LR1s, six MR2s and three MR1 tankers.
Low-profile GEM was formed in 2004. According to its website, it has been led since 2006 by chief executive Ahmed Essa Hareb Al Falahi.
ENOC is understood to have a 35% stake in GEM. Another two of its shareholders are also controlled by Gulf states. These are International Petroleum Investment, which is owned by Abu Dhabi, and state-owned Oman Oil.
French engineering group Thales is also a GEM shareholder.
