The Kuwait Oil Tanker Company (KOTC) plans to build four
new crude oil tankers with a total capacity of 1.2 million tons, Kuwait News Agency (TUNA) reported on Wednesday.
According to the report, each tanker will cost 120 million to 130 million U.S. dollars depending on technical specifications, while the previous cost was 100 million dollars per tanker.
KOTC Chairman Abdullah al-Roumi attributed the higher prices to rising shipbuilding materials worldwide.
KOTC will open a tender for the project in the next few months and shipmakers from the Far East are expected to submit their bids, said al-Roumi.
As many old tankers were put out of service, KOTC has set up a plan to upgrade and enlarge its fleet.