KOTC Scraps Tankers

8 March 2010 (Last Updated March 8th, 2010 18:30)

Kuwait Oil Tanker Company (KOTC) has sold three of its oldest single-hull very large crude carriers (VLCC) for scrap in Bangladesh in a deal worth $35m. The company has one single-hull VLCC left, currently working as a floating storage unit for KOTC's parent Kuwait Petroleum Corporation

Kuwait Oil Tanker Company (KOTC) has sold three of its oldest single-hull very large crude carriers (VLCC) for scrap in Bangladesh in a deal worth $35m.

The company has one single-hull VLCC left, currently working as a floating storage unit for KOTC’s parent Kuwait Petroleum Corporation.

According to an estimate, a total of seven VLCCs have been sold for scrap this year.

Bangladesh has also purchased the 131,464dwt FPSO Modec Venture for $8.2m from Karimun, Indonesia, according to tradewinds.no.