The 38,500-dwt newbuildings, scheduled for delivery in 2009, are estimated to be costing around $38m each.

They have already been chartered out for several years but the Hamburg-based company declines to disclose employment details.

The tankers are of a standard design GSI is building for various other owners. It began constructing this type of ship in 2004 and has so far secured orders for around 25 with European owners, including owners from Denmark, Greece, Italy and Malta.

A few weeks ago it delivered a fifth 38,500-dwt ship to Norden of Denmark, reportedly four months ahead of schedule. Also in Denmark, Nordic Tankers recently purchased a similar Zacchello newbuilding from GSI that has since been named Nordic Pia .

Technical management of Vogemann's IMO-3 tankers will be handled from its own building but by Wallem GmbH&Co, a jointventure established a couple of years ago with Wallem of Hong Kong. The joint venture currently manages five third-party tankers. The GSI newbuildings are the
first tankers Vogemann has entered for technical management.

Vogemann currently has a fleet of 13 bulkers including five capesizes, all of which are now chartered out until at least 2010. The 165,300-dwt Voge Carriers (built 1996) was previously traded on a spot basis.

A sixth capesize, the 174,000-dwt Avore , will join the fleet in March 2007. It was launched earlier this year by Shanghai Waigaoqiao Shipyard (SWS) and sold by Istanbul-based Geden Lines to the German company for $71.4m.

Vogemann also has five panamax bulkers, all chartered out long term, as well as three handysize bulkers, two on charters of between three and five months.

The owner intends to acquire further tankers if opportunities arise but a spokesman says the main focus remains bulkers.

By Geoff Garfield, London / Tradewinds