Arab Times reported that within the framework of the ambitious efforts of Kuwait Oil Tanker Company to modernize its fleet while still in the process of construction of 4 very Large Crude Carriers, KOTC has embarked on accomplishing the Phase II of the New Building Project by further addition of 2 Aframax size petroleum product Tankers. Towards this, Kuwait Oil Tanker Company and Daewoo Shipbuilding and Marine Engineering have on June 28th 2010 signed Shipbuilding Contracts for the construction of 2 Aframax size Petroleum Product Tankers.
Under these contracts, DSME will design, construct and deliver 2 Aframax size Petroleum Product Tankers to KOTC. The contracted price of each of the new Aframax Tanker is USD 71,960,000 per vessel and both 2 vessels will be delivered to KOTC during the year 2012.
The chronological events pertaining to this contract are as follows
1. Floating to Tender - September 3rd 2009
2. Receiving of Bids - December 13th 2009
3. Tender Evaluation completed - June 6th 2010
4. Signing of Letter of Intent - June 13th 2010
5. Signing of Shipbuilding Contract - June 28th 2010
This New Building Project is part of the ongoing plan of KOTC fleet phase out, modernization and replacement of the ageing single hull tankers with modern double hull tankers. This also constitutes a part of the strategic tonnage requirement of Kuwait Petroleum Corporation for the State of Kuwait in the present age of environmental awareness, the ports worldwide require high standard double hull tankers, and in order to be amongst the leading oil tanker companies, Kuwait Oil Tanker Company faces a real challenge.
Previously KOTC has enjoyed the distinction of being one of the top ranking tanker owners and operators in the world. KOTC's Management now has the mission and vision to bring back the elite distinction and enjoy the reputation to be amongst the leading tanker owners and operators in the world.
Kuwait Oil Tanker Company has already demonstrated high standard during the construction of the new vessels, which was proven by two of KOTC tankers constructed during phase ‘1' being chosen as best ships of the year internationally. We sincerely hope that our coming new ships will be equally superior as the previously delivered vessels.
The acquisitions of these new vessels will not only lower the average age of KOTC fleet but will also increase the overall efficiency and competitiveness of our fleet in the international market and provide strategic cover to the State of Kuwait. It is also intended to enhance the financial earnings of KOTC.
Given the major capital investment this project represents, the contracts are being awarded to DSME only after a series of thorough and stringent commercial and technical evaluation process through an international biddings competition. The tender has been executed in line with tender procedures of the state of Kuwait, through the CTC.
Under these contracts, DSME will design, construct and deliver 2 Aframax size Petroleum Product Tankers to KOTC. The contracted price of each of the new Aframax Tanker is USD 71,960,000 per vessel and both 2 vessels will be delivered to KOTC during the year 2012.
The chronological events pertaining to this contract are as follows
1. Floating to Tender - September 3rd 2009
2. Receiving of Bids - December 13th 2009
3. Tender Evaluation completed - June 6th 2010
4. Signing of Letter of Intent - June 13th 2010
5. Signing of Shipbuilding Contract - June 28th 2010
This New Building Project is part of the ongoing plan of KOTC fleet phase out, modernization and replacement of the ageing single hull tankers with modern double hull tankers. This also constitutes a part of the strategic tonnage requirement of Kuwait Petroleum Corporation for the State of Kuwait in the present age of environmental awareness, the ports worldwide require high standard double hull tankers, and in order to be amongst the leading oil tanker companies, Kuwait Oil Tanker Company faces a real challenge.
Previously KOTC has enjoyed the distinction of being one of the top ranking tanker owners and operators in the world. KOTC's Management now has the mission and vision to bring back the elite distinction and enjoy the reputation to be amongst the leading tanker owners and operators in the world.
Kuwait Oil Tanker Company has already demonstrated high standard during the construction of the new vessels, which was proven by two of KOTC tankers constructed during phase ‘1' being chosen as best ships of the year internationally. We sincerely hope that our coming new ships will be equally superior as the previously delivered vessels.
The acquisitions of these new vessels will not only lower the average age of KOTC fleet but will also increase the overall efficiency and competitiveness of our fleet in the international market and provide strategic cover to the State of Kuwait. It is also intended to enhance the financial earnings of KOTC.
Given the major capital investment this project represents, the contracts are being awarded to DSME only after a series of thorough and stringent commercial and technical evaluation process through an international biddings competition. The tender has been executed in line with tender procedures of the state of Kuwait, through the CTC.