KOTC to Tender for Four Vessels

Kuwait Oil Tanker Company (KOTC) said it would issue a tender in the next few months to build four 300,000-tonnes crude oil tankers as part of plans to upgrade its fleet. Chairman Abdullah Al Roumi said Asian shipbuilding companies were expected to take part in the tender. He said each tanker was expected to cost between $120 million-$130 million. 'It will cost more this time compared to the previous cost of $100 million for a tanker because the price of shipbuilding materials has increased worldwide,' Roumi said. He said nine other tankers are already being built and will be delivered in 2007 and that KOTC planned to build two more tankers in the future. Source: Trade Arabia