It looks like you have Position and Direction as vectors and Velocity as a scalar?
If so just change Velocity into a vector as well and then do something like this:
Force = Direction * Power
Acceleration = Force / Mass
Velocity += Acceleration * ElapsedTime
Position += Velocity * ElapsedTime
Direction being a unit length vector giving the heading of your ship. Power being the amount of thrust you want to add (Zero when no acceleration is needed) ElapsedTime is the time between your game Update calls to keep movement smooth even when your framerate is changing
If you want to know more about it you can look up Euler Integration