The Kuwait Oil Tanker Company News

Technology group Wärtsilä said it has been contracted to upgrade four vessels owned by Kuwait Oil Tanker Company (KOTC), a subsidiary of Kuwait Petroleum Company (KPC), by retrofitting the Wärtsilä Fuel Efficiency Boost solution to the ships’ main engines. The modification will reduce fuel consumption, and correspondingly lessen the environmental impact by lowering greenhouse gas emission levels.Wärtsilä said its Fuel Efficiency Boost initiative has attracted considerable interest…

Kuwait Oil Tanker Company (KOTC) said that it received the giant liquefied natural gas (LNG) tanker, Umm Ruwaisat, as part of a major fleet overhaul.Accoding to Kuwait News Agency (KUNA), KOTC has entered the fourth phase of its fleet overhaul, which entails the delivery of eight carriers, three of which are gas tankers built by South Korean ship building firm Hyundai MIPO.The fourth phase of the fleet development includes the delivery of eight tankers of which three are giant LNG tankers built by Korea’s Hyundai Heavy Industries Co, in addition to four medium-term oil products tankers and a huge crude oil tanker currently being built in a Chinese firm.

Dubai-based subsidiary of Lukoil, Lukoil Marine Lubricants has reached a renewal agreement with Kuwait Oil Tanker Company (KOTC), a unit of of Kuwait Petroleum Corporation (KPC), for the supply of marine lubricants.For the past three years, Lukoil has supplied KOTC’s full fleet of tanker vessels with its specialized product of marine lubricants. The new deal between the two companies will help to build upon the existing foundation of an already solid business working relationship.As per the contract terms, Lukoil will supply KOTC’s 24-strong fleet consisting of Very Large Crude Carriers (VLCC’s), Product Carriers, Liquefied Petroleum Gas (LPG) Carriers…

Saudi Arabia said on Thursday it was suspending oil shipments through a strategic Red Sea lane after Yemen's Iran-aligned rebels attacked two tankers in the waterway, underscoring the risk of an escalation in tensions in the region.Brent crude futures rose 59 cents to $74.52 a barrel by 1008 GMT, extending their rally into a third day but falling from a 10-day high in earlier trading.Saudi Arabia and arch-foe Iran have been locked in a three-year proxy war in Yemen, which lies on one side of the Bab al-Mandeb strait at the southern mouth of the sea, one of the most important trade routes for oil tankers heading from the Middle East to Europe.The Houthis…

Kuwait Oil Tanker Company (KOTC) said on Thursday it had signed a 140 million dinar ($467 million) financing deal with three local banks for eight oil tankers, state news agency KUNA reported. The 10-year financing was obtained from Warba, Ahli United and Kuwait International banks, KUNA said. Earlier, KOTC and South Korean construction firm Hyundai Heavy Industries have co-signed a contract worth USD 213.36 million to build three immense gas tankers, as part of a major KOTC fleet overhaul. The deal entails the construction of three liquefied gas tankers at a cost of USD 71.12 million per tanker, the marine transport company said in a statement to KUNA.

Kuwait Oil Tanker Company said on Thursday it had signed a 140 million dinar ($467 million) financing deal with three local banks for eight oil tankers, state news agency KUNA reported.   The 10-year financing was obtained from Warba, Ahli United and Kuwait International banks, KUNA said.   Reporting by Ali Abdelati

Kuwait Oil Tanker Company (KOTC) has signed a contract with South Korean shipbuilder Hyundai Heavy Industries (HHI) for three very large gas carries (VLGC). The three 84,000 cbm LPG carriers are expected to start delivery in 2019. The contract worth USD 213.36 million to build three immense gas tankers is part of a major KOTC fleet overhaul. The deal entails the construction of three liquefied gas tankers at a cost of USD 71.12 million per tanker, the marine transport company said in a statement to KUNA. Meanwhile, KOTC CEO Sheikh Talal Al-Sabah and Sam-hyun Ka, who serves as President and Inside Director of Hyundai Heavy Industries, put their names on the dotted line in a ceremony that brought together officials from both companies.

GAC Fujairah has been awarded a husbandry contract by the Kuwait Oil Tanker Company (KOTC) to provide ship supply services, spare parts handling and a range of other logistical services to its vessels arriving in Fujairah, Khor Fakkan and Singapore anchorage. As part of global shipping, logistics and marine services provider GAC Group, GAC Fujairah worked in close cooperation with the Middle East Regional Office in Dubai and GAC Singapore to secure the deal. Under the contract, the GAC team is set to handle approximately 450 jobs a year, a figure which is likely to grow as the KOTC fleet expands. This is the third time GAC Fujairah is appointed by KOTC to provide husbandry services to its vessels.

Marlink announced it has completed the roll-out of VSAT (Very Small Aperture Terminal) connectivity across the entire Kuwait Oil Tanker Company (KOTC) fleet of 26 tankers, during a three month project started in March 2015. The final vessel, Mutriba, was completed and fully online by mid-June 2015. Marlink was awarded the contract to deliver VSAT to KOTC’s fleet in January 2015. With easier and more cost-effective access to data and voice communication through Marlink’s Sealink VSAT services, KOTC now is able to enhance its global logistics operations, i.e.

Up to May 2015, ASRY (Arab Shipbuilding & Repair Yard), was seeing encouraging results from it’s 2015 strategy to combat the widespread challenges facing the maritime repair market, particularly shipowners reduced repair budgets. In terms of revenue, the ship repair side of ASRY’s business has been solid in 2015, with almost identical revenues to the same period in 2014, with the number of ships showing a slight increase for the same period last year. Up until the end of April…

Khamis Juma Buamim, Chairman Drydocks World & Maritime world has been recognized by Tanker Shipping & Trade as being among the top 50 most influential people in the tanker industry worldwide & is one of only 4 Chairmen globally to be so recognized. The publications annual survey profiles 50 of the sectors most influential leaders whose range of achievements is broad, covering most, if not all facets of the industry. What is not in doubt is that all those profiled represent outstanding examples of leadership, especially given their achievements against the backdrop of some of the most challenging trading conditions in a generation. The list represents leaders from 21 countries representing all of the continents & includes 4 women.

One of the largest exclusive ship repair block agreement in Arabian Gulf history, worth over $33 million, signed between ASRY and Kuwait Oil Tanker Company, extends to mid-2017. ASRY, the ship and rig repair yard in the Arabian Gulf, has signed a ship repair block agreement with Kuwait Oil Tanker Company (KOTC) which includes the exclusive maintenance rights to 19 vessels over the next two and half years. The agreement, is worth more than $33 million, and will see KOTC dock these vessels exclusively at the shipyard.

The Kuwait government is eyeing for its port sector’s growth as this will boost growth at the Gulf state’s ports, both though spending on the infrastructure projects and boosting imports of containerized goods, reports Customs Today. Shuwaikh Port is considered the main commercial port in Kuwait. Shuaiba Port is the second major port in Kuwait. Headline Industry Data forecasts the port of Shuaiba tonnage throughput growth at 10.0% and to average 8.0% to 2019. The port of Shuwaikh container throughput is forecast to grow 1.96% and to average 1.7% to 2018. The total trade growth is expected to grow 2.6% and to average 2.6% to 2019. The Kuwait Oil Tanker Company (KOTC) took delivery of a new Very Large Crude Carrier (VLCC) in August 2014.

HH Sheikh Ahmad bin Saeed Al Maktoum received The Maritime Standard Special “Maritime Visionary Award” in recognition of his exceptional foresight in supporting and revitalizing the UAE’s maritime sector in his role as Chairman of Dubai World. The award was presented on November 6th 2014 at the Atlantis, The Palm Jumeirah, at a glittering ceremony where leaders representing all facets of the industry from the Middle East & Indian subcontinent were present to honour HH & recognize his exception contribution. Over 600 guests joined the function to honour HH Sheikh Ahmed bin Saeed at The Maritime Standards Award where PR guru, journalist and writer Alistair Campbell was Master of Ceremonies & led the accolades accorded to HH.

Leading classification society ClassNK announced that it has completed work on the 165,178GT VLCC Al Kout, built by Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) as part of a series of vessels constructed for the Kuwait Oil Tanker Company S.A.K. (KOTC). The Al Kout was officially delivered to KOTC at a ceremony held at KOTC Head Office in Kuwait on 30 October 2014. The Al Kout is the final vessel of the four VLCCs and one Aframax Tanker constructed by DSME as part of this project under ClassNK Rules and Regulations and in line with KOTC’s strict standards on safety and environmental performance. The VLCC series is also the first in the ClassNK registry to comply with the Performance Standard for Protective Coatings (PSPC) requirements for Cargo Oil Tanks of Crude Oil Tankers.

ClassNK announced that it has completed work on the 31,445GT Product Tanker MUTRIBA, built by Hyundai Mipo Dockyard Co., Ltd. (HMD) as part of a series of vessels being constructed for the Kuwait Oil Tanker Company S.A.K. (KOTC). The MUTRIBA was officially delivered to KOTC at a ceremony held in Kuwait on 20 October 2014. The MUTRIBA is the fourth and final Product Tanker to be constructed by HMD as part of this series under ClassNK Rules and Regulations and in line with KOTC’s strict standards on safety and environmental performance. The MUTRIBA along with the other vessels in the series utilize the latest in environmentally-friendly technology, and are fitted with ballast water treatment systems and all possess an Inventory of Hazardous Material.

Classification society ClassNK said it has completed work on the 31,445 GT product tanker Mutriba, built by Hyundai Mipo Dockyard Co., Ltd. (HMD) as part of a series of vessels being constructed for the Kuwait Oil Tanker Company S.A.K. (KOTC). The Mutriba was officially delivered to KOTC at a ceremony held in Kuwait on October 20, 2014. The Mutriba is the fourth and final product tanker to be constructed by HMD as part of this series under ClassNK rules and regulations and in line with KOTC’s standards on safety and environmental performance.

Arab Shipbuilding and Repair Yard (ASRY), said it has recently achieved a milestone with the repair of its 4,000th ship. The vessel, the Gas Al Gurain, is an LPG Tanker owned by Kuwait Oil Tanker Company (KOTC) one of ASRY’s longest standing customers. ASRY, established in 1977, noted that reaching the 4,000-ship mark was achieved in part thanks to some of the world most prestigious fleets, including KOTC, Maersk, UASC, Odfjell MidEast and many more. Installation of a new Waste Heat Recovery (WHR) system, exhaust gas economizer which utilizes the heat energy from diesel generators.

Grandweld Shipyards has signed a contract with Kuwait Oil Company to design and build a series of four crane/workboat class vessels. The contract is valued at a total of USD $50 million over the duration of the build. Grandweld’s crane/workboats are designed and built in-house to meet the specific needs of KOC's requirements; these state of the art vessels are designed to undertake tasks such as lifting and moving heavy equipment, oil pollution control, SBM hose handling, FO/FW supply, and other related duties. Each vessel comes with a crane capable of lifting 20 tons at 10 meters radius.

The UK Club Board has decided on a general increase for 2014 renewal of 10 per cent. This across the board premium rating increase is in addition to any increase in the cost of the International Group reinsurance. Overall, the Club’s financial position remains strong with the free reserves and capital standing at US$473 million and total assets of US$1.6 billion as at 20 August 2013. Since these figures were recorded at the half year, the position has improved with investment income increasing from $6 million to $33 million.

Alan Olivier was elected Chairman and President of the UK P&I Club at their board meeting in Bermuda on October 28. He succeeds Dino Caroussis who has retired from the board. Mr. Olivier, 53, Chief Executive Officer of Grindrod Limited, became a Director of the UK Club in 2000 and a Deputy Chairman in 2006. Mr. Caroussis, 61, of Chios Navigation, had been the Club’s Chairman for the past five years, having joined the board in 1996 in the shipping division. He held senior treasury and financial positions before his appointment as chief executive of Unicorn Shipping in 1995.

Kuwait Oil Tanker Company (KOTC) has put into service a new VLCC and named another as part of a strategy aimed at increasing its tankship fleet to 30 by the end of 2014, reports the Kuwait News Agency. KOTC Chief Executive Officer Sheikh Talal Al-Khaled Al-Ahmed Al-Sabah inaugurated the enormous crude carrier, Al-Fintas, during an official ceremony held at the main compound of Daewoo Shipbuilding and Marine Engineering Company (DSME) in South Korea. The ceremony was attended by Kuwaiti Ambassador to South Korea Jassem Al-Badawi, KOTC board members and Daewoo's senior executives. Earlier, KOTC named their new bi-products tanker Burgan, which was constructed by Hyundai Mipo Dockyard in South Korea.

Grandweld Shipyards delievered “Zamil 101” the first of three fast aluminum crew boats to Zamil Offshore. The vessel was part of a contract, which was signed in November 2011, to build and deliver three sister crew boats. The 33.5m fast crew boat is powered by 3 high speed diesel engines driving 3 fixed pitch propellers to produce a speed of 27 Knots. The vessel is designed and built according to the classification rules and requirements of Bureau Veritas for Aluminum vessels. The vessel will be utilized to transport offshore personnel and cargo, and will be operating offshore Saudi Arabia.