Kuwait in $556m deal with Daewoo for 5 new tankers

31/01/2012 08:02 AST

Kuwait Oil Tanker Co (KOTC) has signed a $556 million contract with South Korea's Daewoo Shipbuilding & Marine Engineering to build five new tankers, the state news agency KUNA reported.

The four double-hull very large crude carriers (VLCC) will be able to carry 2.2 million barrels of crude each while the fifth vessel is for oil products with a capacity of 800,000 barrels, it said.

Kuwait will take delivery of the tankers in early 2014.

Daewoo Shipbuilding, the world's No. 2 shipbuilder, is aiming for around $11 billion in new orders this year, the same as it initially forecast for 2011, despite a credit crunch that has seen orders cancelled.


Reuters

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