KOTC has signed a contract for three very large gas carries (VLGC)

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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 and it will bring the company’s fleet to a total of 35 vessels.

These include 24 tankers, four LPG carriers and three OSVs.

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.

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