Gulf Energy Maritime aims to exit LR2 segment

Gulf Energy Maritime (GEM) is to exit the LR2 tanker market, as it plans to focus on smaller units.

European brokers said the 114,000-dwt Gulf Vision (built 2012) and Gulf Valour (built 2013) are for sale.

The Gulf Valour is available for inspection as it loads at Sikka, India, and later this month at its discharging port in Taiwan. The Gulf Vision is currently at Lome, Togo.

GEM director Saul McIntyre declined to comment on the status of the Samsung Heavy Industries-built ships.

Maritime Strategies International and VesselsValue estimate the Gulf Vision is worth between $27.3m and $32.8m, while the newer Gulf Valour is estimated at between $29.5m and $35.2m.

Hi-spec duo

Dubai-based GEM ordered the high-specification tankers, which can carry crude and clean oil products, at the top of the market in 2008 for $80m each. These two ships are the biggest tankers in its fleet.

GEM also owns nine LR1 tankers built in 2009, in addition to nine handysize and MR tankers.

The company is a joint venture between Dubai’s Emirates National Oil Co, Abu Dhabi’s International Petroleum Investment Co, Oman Oil Co and France's Thales.