KOTC to order VLCCs

Kuwait Oil Tanker Company (KOTC) plans to build four new crude oil tankers with a total capacity of 1.2 million tonnes. According to the report, each tanker will cost between $120 million to $130 million, depending on technical specifications, while the previous cost was $100 million per tanker. KOTC will open a tender for the project in the next few months and shipyards from the Far East are expected to submit their bids.