The Kuwait Oil Tanker Company (KOTC) says it is to place orders for eight new ships worth more than US$1 billion (Dh3.67bn) as it accelerates its fleet replacement programme despite a global glut of tanker tonnage.
The latest order - expected to go to South Korean yards - will be for five new product tankers designed to ship refined oil cargoes and three LNG (liquefied natural gas) tankers to be delivered between 2017 and 2018. This will be the fourth phase of the company's building programme.
The news came as the Italian tanker company Montanari said it was preparing to sell two of its newest tankers for almost half the cost of building them.
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