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...
August 24th, 20162United Arab Shipping Company (UASC) has posted its financial figures publically for the first time, revealing a -9% operating loss - the greatest of any major container carrier, according to analysis by Alphaliner.
The consultancy said the loss could have big implications for UASC's merger with publically listed German carrier...
July 13th, 20160The government of Kuwait announced plans to sell stakes in state oil producer Kuwait Petroleum Corp's business units, among them Kuwait Oil Tanker Company (KOTC), according to Bloomberg.
Over the next four years, the government will sell off stakes of 20-30% in the businesses by means of initial public offerings (IPO), which will take...
July 12th, 20160United Arab Shipping Co (UASC) is considering the sale of its stake in United Arab Chemical Carriers (UACC) as part of its plans to merge with German container line Hapag-Lloyd, sources tell Bloomberg.
The Kuwait-based company hopes the sale will raise over $600m, but deliberations are ongoing, the sources said.
Bank of America...
