Tuesday, 23 July 2019 02:07 GMT

Oman Shipping Company signs deal with S Korea's Daewoo to build 3 new VLCCs

(MENAFN - Muscat Daily) Muscat - 

Oman Shipping Company (OSC), a member of the Asyad Group, on Wednesday announced the signing of an agreement with South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) to build three environmentally-friendly very large crude carriers (VLCCs) as part of the company's fleet renewal strategy.

Through its new assets, OSC will enhance its competitive advantage and solidify its position as both a market leader and as one of the top 12 VLCC operators worldwide. The new orders will provide customers with additional high-quality, economical and technologically-advanced vessels, the company said in a press statement.

Once operational, OSC predicts that the three VLCC newbuilds will increase company's oil shipping revenues by 10 per cent. Long-term contracts with international oil majors are already in place for all the ships.

'The announcement has been made possible by OSC's commitment to reinvest in additional growth - increasing connectivity between Oman's ports and global ports in response to expanding customer demand and reinforcing the sultanate's logistic competitiveness,' the company said.

Each of the new vessels will be 336m long and 60m wide and will be able to hold 300,000 tonnes of cargo. All of the new orders will also meet future environmental requirements – including IMO 2020 standards – as well as benefit from DSME's market-leading efficient-design for newbuilds.

Signing the agreement with DSME on behalf of OSC, Asyad Group chief executive officer Abdulrahman al Hatmi said, 'OSC'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.'

As the shipping arm of Asyad Group, Oman Shipping Company provides a wide range of business activities including; ship owning, chartering and technical management. With a fleet of 50 vessels including LNG carriers, LPG carriers, VLCCs, tankers and container ships, OSC offers shipping solutions to oil, gas, dry bulk and general cargo sectors.


Oman Shipping Company signs deal with S Korea's Daewoo to build 3 new VLCCs

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