June 17th, 20190The 1,688 teu feeder boxship X-Press Mahananda and 46,300 dwt MR2 tanker Burgan collided on the Karnaphuli channel near Chittagong Port on Friday. The accident occurred when the unladen oil tanker Burgan was leaving the port and the containership X-Press Mahananda was coming from the opposite direction, and the two ships struck each...
November 26th, 20180Kuwait Oil Tanker (KOTC) has placed an order for the construction of three 84,000 cu m VLGCs at South Korean yard Hyundai Heavy Industries, Kuwait News Agency (KUNA) reports. The total value of the order is KD64.8m ($213.3m) and the first vessel is expected to be delivered at the end of 2019. KOTC currently operates a fleet of 29...
July 6th, 20180Kuwaiti Oil Tankers Company (KOTC) has put its two oldest VLCCs up for sale as part of its ongoing fleet renewal program. The Al Shegaya and Al Salheia were both delivered from Hyundai Heavy Industries in South Korea 20 years ago. The pair are part of a 12-strong VLCC fleet trading for KOTC, which also owns four LPG carriers, 10...
April 25th, 20180Kuwait Oil Tanker Company (KOTC) has signed a contract with South Korea’s Hyundai Mipo Dockyard for four medium range product tankers at a total price of $167.6m. The order comes days after Kuwait Petroleum Corp CEO Nizar al-Adsani said the company planned to grow its fleet to 60 vessels, doubling its current size. Delivery of...
April 24th, 20180Kuwait has outlined plans to more than double its tanker fleet by 2040. Kuwait Petroleum Corp CEO Nizar al-Adsani, speaking at the Middle East Petroleum and Gas conference in Abu Dhabi yesterday, said the aim was to grow subsidiary Kuwait Oil Tanker Co’s (KOTC) fleet to 60 ships from its current total of 28. Most of the expansion...
March 16th, 20180State-owned Kuwait Oil Tanker Company (KOTC) has signed a shipbuilding contract with China’s CSIC-affiliated Bohai Shipbuilding Heavy Industry for the construction of a 318,000 dwt VLCC. The total value of the contract is $79.7m and delivery of the vessel is expected take place at the end of 2020. KOTC currently operates a feet...
January 25th, 20180Kuwait 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...
November 10th, 20170Kuwait-based Gulf Investment Corporation (GIC) has bought a $100m equity stake in UAE-based Tristar Group. Tristar will use the funds to expand its business, it said in a release. Following GIC’s investment in Tristar, the company will be owned by Agility, GIC and the founder and chief executive of the Tristar Group, Eugene Mayne...
March 27th, 20170Kuwait Oil Tanker Company (KOTC) is readying a series of orders with the devaluation of the yen giving Japanese yards hope of snaring some contracts away from their South Korean rivals. KOTC has let it be known as part of their latest phase of their ongoing fleet rejuvenation plans it is in the market for up to eight new ships which...
December 7th, 20160Kuwait Oil Tanker Company (KOTC) has revealed that it is looking to order three VLGCs, one VLCC, and four MR product tankers. The company has opened the pre-qualifification process inviting shipyards to tender for the design and construction of the vessels. Yards have until December 20 to submit applications. KOTC currently has a...
