Kuwait Oil Tanker Company (KOTC) is gearing up to more than double its fleet by 2040, according to Nizar Al-Adsani, CEO of the company’s parent, Kuwait Petroleum Corporation (KPC).
Under the fleet build-up plan, aimed at supporting the corporation’s international trade ambitions, KOTC has set sights on having a total of 60 vessels. The fleet expansion will go hand-in-hand with OPEC members’ plans to ramp up crude oil production.
The intention was revealed during the Middle East Petroleum and Gas conference, being held in Abu Dhabi, the Platts said.
Based on its website data, KOTC currently has a fleet of 28 ships, comprising 12 very large crude carriers (VLCC), ten product carriers, four LPG carriers and two bunker vessels.
Furthermore, the company has four newbuildings on order already, three LPG tankers ordered from Hyundai Heavy Industries (HHI) in January, and one VLCC ordered from Bohai Shipbuilding Heavy Industry in March.
In addition, KOTC is said to be planning to add eleven product tankers, six VLCCs and one more LPG vessel to its ordering tally, according to Adsani.
World Maritime News Staff