(MENAFN- Muscat Daily) Muscat -
Standard Chartered and Oman Shipping Company (OSC), a member of the Asyad Group, have announced a US$110mn re-financing facility for three tanker vessels and two very large crude carriers (VLCCs).
The signing ceremony took place at the Asyad headquarters and was attended by senior executives from Standard Chartered Oman, Asyad Group and Oman Shipping Company, according to a press statement.
The facility has been solely arranged by Standard Chartered. This new financing facility will enable OSC to optimise its debt position by reducing overall borrowing costs and eliminating refinancing risk, all while diversifying the company's pool of financial partners.
The agreement also highlights Standard Chartered's commitment to assisting economic growth in Oman, and will help OSC explore opportunities to expand its offering yet further – supporting the company's ever-growing customer base and connecting them to global markets through its full-service fleet of over 50 world-class vessels.
Hussain bin Ghalib al Yafai, chief executive officer of Standard Chartered Oman, said, 'We are truly privileged to lend our expertise and resources in support of our clients. This deal gave us the opportunity to work across teams globally in order to propose the most optimal and innovative financing solutions for Oman Shipping Company. Over more than 50 years, Standard Chartered has served the Omani community and contributed to its economy and infrastructure development. We are strongly committed to the sultanate and dedicated to continue supporting our clients as they expand and grow their businesses globally.'
Michael Jorgensen, acting CEO of Oman Shipping Company, said, 'We are delighted to have agreed on this substantial finance facility for five of our vessels with Standard Chartered. OSC is growing from strength to strength, and today's announcement will help us explore opportunities to expand our full-service shipping offering yet further.'
OSC is an integral part of Oman's drive to become a top-ten global logistics hub and is supporting the integration of all supply chain activities in the sultanate – providing customers with rapid and unrivalled distribution capabilities across the Middle East, as well as acting as the region's gateway to global markets.
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