Kuwait Oil Tanker Co (KOTC) has moved another step ahead with its long-mooted plan to order three VLGCs, signing a letter of intent for the trio at Hyundai Heavy Industries.

Sources familiar with the Kuwaiti state giant's newbuilding programme said HHI beat shipbuilding rivals Kawasaki Heavy Industries and Shanghai Waigaoqiao Shipbuilding for the vessels of about 84,000 cbm each.

KOTC also tendered for a lone VLCC newbuilding.