Dubai shipping company Gulf Energy Maritime (GEM) said it signed a $90 million loan to finance the purchase of two tankers from South Korea's Hyundai Mipo Dockyard Co.

The loan deal for the double-hulled oil product and chemical tankers was signed with First Gulf Bank, a company statement said.
In January, Gulf Energy Maritime signed a $180 million deal with Hyundai Mipo Dockyard to build four tankers, which are scheduled for delivery in 2008 and 2009.
Gulf Energy Maritime PJSC is a joint venture between Emirates National Oil Company, Abu Dhabi-based International Petroleum Investment Company, Oman Oil Company and France's Thales.
GEM currently has the fleet of 25 trading and new building ships, which includes ten modern Panamax tankers.