Gulf Energy Maritime (GEM) and Vela International Marine Ltd recently took delivery of their new vessels. GEM, the Middle East’s largest independent commercial product tanker operator, received the first ever Panamax built by Korean ship building giant, Hyundai Mipo Dockyard (HMD).

“The 75,000 dwt product oil carrier, Gulf Castle, is also the first of four new Panamax vessels scheduled for delivery this year from HMD, and is the fifth Panamax vessel in the fleet,” GEM said.
A few days earlier, GEM had taken delivery of the 47,000 dwt Gulf Muttrah, and with Gulf Castle, the company’s fleet strength now reaches 13 vesels.
“The delivery of Gulf Castle marks a significant milestone in our partnership with Hyundai Mipo Dockyard. Being the very first Panamax vessel manufactured out of its dockyards, GEM is honoured in being their customer for such a historic event,” said Ahmed Essa Hareb Al Falahi, CEO, GEM.
Vela’s Saiph Star, the last vessel of six very large crude carriers (VLCCs) ordered from Daewoo Shipbuilding and Marine Engineering, entered service on March 19 after a naming ceremony at the South Korean shipyard.
Majid Y Al-Mugla, Saudi Aramco’s executive director of project management, presided over the ceremony, which was attended by more than 50 guests.
Though this project is completed, more VLCCs are in the plans. Vela this year will begin a project for four more VLCCs with Daewoo. Delivery is scheduled for 2010. 
The Saiph Star joins the ranks of its five sister VLCCs - Al-Butain Star, Sirius Star, Vega Star, Al-Mizan Star, and Janah Star.