Kuwait Oil Tanker Company (KOTC) announced Thursday the official delivery of its 4th and last of Very Large Crude Carrier of its Phase III Fleet New Building Project taking place in South Korea.
The company said in a press released today that KOTC's CEO Sheikh Talal Al Ahmed Al Sabah sponsored the event at KOTC headquarters - which was attended by a high delegation from the manufacturing shipyard DSME and the participation of His Excellency the Ambassador of the Republic of Korea to the State of Kuwait, Ambassador Shin Boonam.
As a result of KOTC's Higher Management and staff's efforts and in line with KPC strategic plans, "Al Kout" was delivered earlier than contracted, since the delivery was set for December 2014, and therefore completing phase III of the Fleet Renewal Program and adding another accomplishment to the series achievements attained by the company.
"Al Kout" - classed to ClassNK is 333 m in length, 60 m in breadth, and a fully loaded draft of 22.5m, having a cargo capacity of approximately 2.2 million barrels and a cruising speed of 16.2 knots. The vessel was built under Classification of ClassNK, which reduces Insurance Premiums.
KOTC embarked on implementing its long-term strategic plan in renewing and modernizing its fleet back in 2000/2001 that was adopted in several building phases that were carried out based on the plan to increase Kuwait's oil production and in line with KPC's strategic marketing requirements for the 2030 plan.
Over the past 10 years and since 2004, KOTC has managed to complete 3 New Building Project Phases successfully, resulting in the construction of 24 modernized different type and sized vessels and 3 service boats, all complying and exceeding the international maritime regulations with respect to safety and environment requirements that are in force and regulations that will be in force in the future.
Several KOTC vessels have been recognized and awarded as distinct in terms of efficient design and environment friendliness making the headlines in major maritime publications - placing Kuwait's name in an honorable position.
KOTC is proud to be nominated for the Environment Award at the Lloyd's List Global Awards in London, being the only regional company from the Middle East to be selected for this category.
Increasing the balance of awards achieved by KOTC, noting that KOTC is also nominated for 4 awards at the Lloyd's List Middle East and Indian Subcontinent Awards which is taking place November 18th 2014 in Dubai.
Currently KOTC has commenced Phase IV of the fleet renewal program by pre-qualifying shipyards to construct 2 Very Large Gas Carriers, expected to float tenders before the end of the current year in line with KOTC's plan and KPC strategic plan.