KOTC Orders Three Gas Carriers from HHI

Business & Finance

Kuwait Oil Tanker Company (KOTC) has signed today a contract with South Korean shipbuilder Hyundai Heavy Industries (HHI) for three very large gas carries (VLGC).

The three 84,000 cbm LPG carriers are expected to start delivery in 2019.

The deal is said to be worth USD 213.3 million, KUNA news agency reported, with KOTC paying around USD 71 million per ship.

The order is part of KOTC’s fleet renewal plan.

Based on its website data, KOTC currently has a fleet of 28 ships, comprising 12 very large crude carriers (VLCC), ten product carriers, four LPG carriers and two bunker vessels.

The contract signing comes as HHI reveals a 52 percent increase in value of new shipbuilding orders in 2017 when compared to the figures from the previous year.

However, it should be noted that the 2016 baseline was pretty low taking into account that the year was very difficult for the shipbuilding industry due to low ordering activity.

World Maritime News Staff