Kuwait Oil Tanker Company (KOTC) has signed shipbuilding contracts with South Korean shipbuilder Hyundai Heavy Industries for the construction of three very large gas carriers as part of its fleet optimisation plans.
The total price of the deal is $213.36m and the first vessel is expected to be completed by the end of 2019.
KOTC earlier announced a fleet modernisation plan which includes adding eight vessels comprised of three very large gas carriers, four product tankers and one crude tanker.
The newbuildings will replace existing tonnage that is due for retirement within the next three years.
KOTC currently operates a fleet of 32 vessels comprising of 24 tankers, four LPG carriers and four offshore vessels.