Hyundai Cuts Steel for KOTC’s New Gas Carrier

Hyundai Heavy Industries has held a steel cutting ceremony for the first of three vessels ordered by Kuwait Oil Tanker Company (KOTC), KUNA news agency reported.

The ceremony, held on November 19, marked the start of construction of the first 84,200 cbm very large gas carrier (VLGC), contracted by the shipping company in January 2018.

At the time, KOTC placed an order for three VLGC LPG units under a deal worth around USD 213.3 million.

The new 54,700 dwt ships are expected to start joining their owner in late 2019.

Apart from these units, the company’s current orderbook consist of four MR tankers on order at South Korea’s Hyundai Mipo Dockyard and one VLCC ordered from Bohai Shipbuilding Heavy Industry.

The 48,000 dwt MRs, ordered under a USD 167.6 million deal in April 2018, and the 318,000 dwt VLCC, ordered in March 2018, are scheduled for delivery in 2020.

The orders are a part of KOTC’s ambitious fleet expansion plan, under which the company aims to more than double its fleet by 2040, bringing it to 60 ships.

World Maritime News Staff