Kuwait Oil Tanker Company (KOTC) has announced plans to acquire a total of eight new vessels as part of its 2020 fleet modernisation programme. An official statement by the company indicated that the programme will include the purchase of three new very large gas carriers, an order for which has recently been signed with Hyundai Heavy Industries (HHI) of South Korea. The reported price agreed for the three LPG tankers is around US$213 million.
The KOTC shopping list also includes four product tankers and a crude oil tanker. Tender documents for the new VLCC type oil tanker are at an advanced stage of preparation and are expected to be released shortly, the company has said.
The investment in new ships will expand the KOTC fleet, which currently stands at 28 vessels. However some of the newbuildings will replace existing tonnage that is due for retirement within the next three years.
At the recent The Maritime Standard Awards, KOTC won the award for Best Tanker Operator for the third year, while its subsidiary, Liberty Manning Services, picked up the Marine Crewing and Manning Award. KOTC Chief Executive, H.E Sheikh Talal Al-Khaled Al-Ahmad Al-Sabah, was also presented with The Maritime Standard Hall of Fame Award.