KOTC Seals Financing for Eight Tankers, Orders VLCC

Mar 16, 2018

KOTC Seals Financing for Eight Tankers, Orders VLCC

Kuwait Oil Tanker Company (KOTC) has signed today a financing deal with a syndicate of banks worth around USD 467 million (KD 140 million).

The financing will be provided by Warba Bank, Ahli United Bank and Kuwait International.

The ten-year financing deal is intended for eight tankers, KOTC said.

In addition, KOTC inked a shipbuilding contract with Bohai Shipbuilding Heavy Industry Co., part of China Shipbuilding Industry Corporation (CSIC), for a very large crude carrier (VLCC).

The VLCC will feature 318,000 dwtand is worth USD 79 million.

The delivery of the giant tanker is expected in 2020.

The latest order comes on the heels of KOTC’s order for three very large gas carries (VLGC) from Hyundai Heavy Industries in January this year.

The order is part of KOTC’s fleet renewal plan and it will bring the company’s fleet to a total of 35 vessels.

These include 24 tankers, four LPG carriers and three OSVs.

World Maritime News Staff; Image Courtesy: KOTC Twitter

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