KOTC to order VLCCs

Kuwait Oil Tanker (KOTC) plans to order four VLCCs at a total cost of some $500 million. The new order was approved by the national oil conglomerate Kuwait Petroleum Corp. and will be offered in a tender soon. Each of the 300,000 dwt newbuildings will replace old tankers in the company?s fleet of 24 vessels. KOTC signed three contracts in 2004 with South Korean companies to build seven new vessels at a cost of $540 million. Delivery is expected to start next year. They include two very large crude carriers (VLCC), two liquefied petroleum gas tankers and three petroleum products vessels.