Reuters reported that Kuwait Oil Tanker Company expects to receive a total of nine new tankers from South Korean companies in 2014 and 2015 as part of its announced USD 1.75 billion fleet expansion.

Mr Bader al Khashti chairman of KS said that KOTC will get five crude tankers from Daewoo Shipbuilding & Marine Engineering 042660.KS and four more for petroleum products from Hyundai Mipo Dockyard 010620. This will be the third phase of its tanker expansion. It is expected that we will receive all of the nine tankers during the fiscal year 2014 and 2015.

Mr Khashti said that state owned KOTC will be paying around USD 556 million for the new ships from Daewoo. Daewoo is also upgrading four existing tankers as part of a deal signed with KOTC in January. In the fourth phase of its fleet expansion which will take place between 2014 and 2018, the Kuwaiti group plans to buy 5 more tankers to carry oil products and 3 more for liquefied natural gas. This will bring KOTC's fleet to 31 tankers by 2017 to 2018. The total cost of the phase three and four expansion will be 493.5 million Kuwaiti dinars.

Source - Reuters

(www.steelguru.com)