Oman Shipping Company orders three new vessels to support future growth

Oman Shipping Company signs new agreement with South Korea’s Daewoo Shipbuilding & Marine Engineering for 3 VLCCs. © ASYAD Group 2019.

Oman Shipping Company (OSC) has unveiled plans to increase its competitive advantage and cement its position as one of the world’s top 12 Very Large Crude Carrier (VLCC) operators through the purchase of three new vessels.

The firm has signed an agreement with South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) to build the environmentally friendly VLCCs as part of its fleet renewal strategy.

OSC is the shipping arm of ASYAD Group, the state-owned integrated logistics service provider tasked with maximising economic and financial returns from government investments in ports, freezones, land and sea transport, and logistic services companies.

According to OSC, the new orders will provide customers with additional high-quality, economical and technologically advanced vessels, and increase company oil shipping revenues by 10 per cent.

The 336m-long vessels will be capable of holding 300,000 tons of cargo and be designed to meet future environmental requirements, including IMO 2020 standards. Long-term contracts with international oil majors are already in place for all ships, according to OSC.

ASYAD Group chief executive Abdulrahman Al Hatmi signed the agreement with DSME on behalf of OSC.

He said: “Oman Shipping Company’s capabilities and customer offering are growing from strength to strength in response to increasing demand. OSC’s fleet renewal programme reflects the company’s commitment to high-quality services, enhanced global connectivity and industry-leading competitiveness.”