KOTC splashes for four MRs at Hyundai Mipo

Kuwait 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 the tankers are scheduled from February 2020 through to May 2020.

KOTC has been busy adding to its fleet this year, ordering three VLGCs at Hyundai Heavy Industries for $213.36m in January and ordering a single VLCC at China’s Bohai Shipbuilding for $79.7m.