Kuwait Oil Tanker Company (KOTC) has signed a contract with the South Korean shipyard, Hyundai Mipo Dockyard, to build a series of four 48,000 dwt petroleum products tankers. The combined purchase price is reported to be around US$ 167.6 million.
KOTC says the first tanker will be handed over by February 2020, with the remaining three to follow suit by May of the same year. The investment forms part of KOTC’s ongoing 2020 fleet modernisation plan which aims to achieve a significant increase in its fleet of gas and petroleum product vessels to meet the needs of parent group, the Kuwait Petroleum Corporation.
KOTC highlights the fact that the newbuilding contract ensures the ships will be constructed to the latest technical specifications, and will be fully compliant with international regulations and standards relating to environmental protection and pollution control, including emissions levels, as well as onboard safety and vessel security.