Daewoo signs $556mn contract with KOTC

Kuwait Oil Tanker Co (KOTC) has signed a $556 million contract with South Korea''s Daewoo Shipbuilding & Marine Engineering to build five new tankers. According to the Kuwaiti news agency KUNA the four double-hull very large crude carriers (VLCC) will be able to carry 2.2 million barrels of crude each while the fifth vessel is for oil products with a capacity of 800,000 barrels. Kuwait will take delivery of the tankers in early 2014. Nabil Borsly, chairman of KOTC said the company will sign 4 other contracts with Hyundai next month to build 4 tankers to take the number of tankers to be received this year to nine. Tanker building is part of KOTC''s plan to modernize its tanker fleet to cater for the country''s crude and petrochemical transport needs of nearly 4 million bpd. KOTC aims at increasing its crude, petrochemical and gas tanker fleet to 32 by 2020, he said. (QNA) M T Z