Gulf Energy Maritime (GEM), one of the Middle East's largest commercial product tanker operator, said it has taken delivery of the first-ever Panamax vessel built by Korean shipbuilding 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, said a company statement.

Earlier this month GEM took delivery of the 47,000 dwt Gulf Muttrah, and with Gulf Castle, GEM’s fleet strength now reaches 13 vessels.

“The delivery of Gulf Castle marks a significant milestone in our partnership with HMD. 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.

“Gulf Castle is a ship which both GEM and HMD will always remember as crucial in our business when we endeavoured to raise the stakes in spite of the risks faced by the global economic downturn rather than be complacent about the future.

'Like all our previous vessels, HMD has applied and implemented in Gulf Castle the same stringent design requirements necessary to meet GEM’s high standards of safety and quality,' he added.

Having taken delivery of two new vessels this year, GEM is scheduled to take delivery of four more new vessels in 2009 – one 47,000 dwt chemical tanker and three more 75,000 dwt Panamax carriers.

“As the second vessel received from HMD this year, we are confident that the remaining four vessels scheduled for delivery will also be delivered on-time and beyond the highest industry specifications – all in line with GEM’s business strategy of adhering with the highest standards of safety and quality for the benefit of our customers, the environment and our staff,” Al Falahi said.

GEM’s adherence to safety, quality and security has been acknowledged and recognized by the shipping fraternity through the three awards it received in 2008 alone, he pointed out.

Seatrade Middle East and Indian Subcontinent Awards awarded GEM in the Safety and Quality category, while Lloyd’s Middle East Shipping Awards recognized GEM in the Clean Seas category, and bestowed the company with the Tanker Company of the Year award.

GEM is certified by Lloyd's Register Quality Assurance to the ISO 9001-2000 Quality Management System and ISO 14001-2004 Environment Management System for the operational and technical management of its fleet, he added.-TradeArabia News Service