Two new tankers for KOTC
The Kuwait Oil Tanker Company has taken delivery of two new tankers as it continues its modernisation program.
KOTC took delivery of the MV Fintas and MV Burgan, both built by South Korea's Daewoo Shipbuilding and Marine Engineering.
The MV Fintas is the first of five tankers that KOTC has ordered from Daewoo, the Kuwaiti state-owned company said. It has a capacity of 2.2 million barrels. The MV Burgan's capacity is 340,000 barrels, it said.
The two new arrivals signal the completion of the third phase of KOTC's fleet modernisation program. The total capacity of the entire fleet now stands at an estimated 5 million mt for crude oil, LPG and oil products, the company said.
KOTC plans to continue to upgrade its fleet as it initiates Phase IV of the program, it said, although no details were given.
The company's fleet modernisation program aims to keep up with the state's oil production capacity target of 4 million b/d by 2020 from its current 3.5 million b/d.
KOTC began renewing its fleet in 2002, 16 years ahead of the average expiry date of its older tankers.
The second stage began in 2008 and expanded the fleet's carrying capacity to 2.5 million mt/year.