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 (VLGC).
The total price of the deal is US$213.3 million.
The first vessel is expected to be completed by the end of 2019.
KOTC has announced a fleet modernisation plan that includes adding eight vessels – three VLGCs, four product tankers and one crude tanker.
The newbuildings will replace existing tonnage due for retirement within the next three years.
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