KOTC Orders Four Product Tankers from Hyundai Mipo

Kuwait Oil Tanker Company (KOTC) has returned to Korean shipbuilder Hyundai with an order for four product tankers.

The company inked a contract with Hyundai Mipo Dockyard for the construction of four 48,000 dwt product carriers on April 24.

As stipulated in the USD 167.6 million deal, the delivery of the quartet is planned for 2020, the final ship being scheduled to join KOTC’s fleet in May.

The latest contract is part of KOTC’s ambitious fleet build-up plan, under which the company aims to more than double its fleet by 2040, bringing it to 60 ships.

As disclosed, the company plans to add eleven product tankers, six VLCCs and one more LPG vessel to its ordering tally.

KOTC already ordered three LPG tankers from Hyundai Heavy Industries (HHI) in January and one VLCC from Bohai Shipbuilding Heavy Industry in March, 2018.

World Maritime News Staff; Image Courtesy: KOTC