GEM takes delivery of first Panamax vessel

NEW VESSEL: The Panamax oil carrier bought by GEM's will join older vessels in its 13-strong fleet. (Getty Images)

Gulf Energy Maritime (GEM) has taken delivery of the first ever Panamax vessel, built by Korean ship building giant Hyundai Mipo Dockyard (HMD), it was reported on Sunday.

The 75,000 dwt product oil carrier, Gulf Castle, is the first of four new Panamax vessels scheduled for delivery this year from HMD, and is the fifth Panamax vessel in Dubai-based GEM's fleet, according to news agency WAM.

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.

“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,” he added.

GEM has taken delivery of two other new vessels this year and is scheduled to take delivery of four more in 2009.

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