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KOTC to order four VLCCs

KOTC to order four VLCCs

Kuwait: Parent Kuwait Petroleum Company has approved the plan by KOTC (Kuwait Oil Tanker Company) to order four 300,000dwt VLCCs for an expected cost of around $500 million, KOTC chairman Abdullah Al Rumi has said. A tender is expected to be issued shortly for the the vessels which will replace older tonnage in the company's 24-strong fleet. KOTC has seven other newbuildings on order - two VLCCs, three product tankers and two lpg carriers, all booked at Korean yards in 2004 for a combined  cost of $540 million. [03/10/06]

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