KUWAIT CITY, Jan 24: Despite the escalating geopolitical tension in the Middle East in recent years, Kuwait Oil Tanker Company (KOTC) -- the maritime transport arm of Kuwait Petroleum Corporation (KPC) achieved net profits of KD16.513 million in the fiscal year ending March 31, 2025. Sources attributed the company’s success in achieving these results, in spite of the political challenges that the region is currently facing, to the modernization of its fleet, implementation of an effective cost-cutting policy that contributed to reducing operating costs, and adopting a balanced approach to replace older vessels when needed. Sources revealed that the total cargo tonnage of the KOTC tankers in the past fiscal year reached 32.7 million metric tons, compared to 31.7 million metric tons in the preceding year. Sources said the KOTC fleet consists of 31 tankers, including 11 Very Large Crude Carriers (VLCCs) for transporting crude oil, 15 tankers for transporting petroleum products and five LPG carriers.

Sources disclosed that these tankers transported around 25.5 million metric tons of crude oil, 5.2 million metric tons of petroleum products, and two million tons of liquefied gas in the fiscal year ending March 31, 2025. Sources added that the company achieved several milestones in fleet development last year, particularly the introduction of an environmental index designed to improve the environmental performance of vessels calling at European Union (EU) ports. Sources pointed out this index contributes to reducing carbon dioxide and air emissions, and ensuring compliance with emissions standards set by the International Maritime Organization.

On the tanker hull integrity management system, sources confirmed that the company implemented this system to build a comprehensive database of ship hulls, defects, inspections and paint conditions. Sources explained this enabled the company to repair 15 vessels. In terms of waste management, sources indicated that the company introduced a robust waste management system on board all its vessels as part of a strict policy prohibiting the dumping of any type of waste at sea. They said the system emphasizes the collection of hazardous and recyclable waste and its safe transport to shore for disposal.

Sources added the company also highlighted its success in implementing a system to control gaseous emissions from cargo-related operations, minimizing the leakage of cargo vapors from tanks into the atmosphere. Sources affirmed the adoption of a plan for each tanker to develop monitoring, along with the maintenance and operation of pressure control valves for each tank and the implementation of a system for the safe collection and return of vapors to oil facilities during loading operations. Sources stressed that KOTC, as the maritime arm KPC for transporting oil exports to various countries around the world, continues to meticulously implement its strategy in terms of protecting the marine environment, ensuring profitability and developing the maritime transport system in Kuwait.

By Najeh Bilal Al-Seyassah/Arab Times Staff