Oman Shipping signs pact for three new vessels

      Published on Friday, 28 June , 2019      174 Views     
Oman Shipping signs pact for three new vessels

  • Business

Oman Shipping Company (OSC), a member of the Asyad Group, announced on Wednesday the signing of an agreement with South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) to build three environmentally-friendly, Very Large Crude Carriers (VLCC) 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.

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

Wednesday’s announcement has been made possible by Oman Shipping Company’s commitment to re-invest 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.

Each of the vessels will be 336-metres-long and 60-metres-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 new-builds.

Asyad’s OSC is an integral part of Oman’s drive to become a top-ten global logistics hub, andis supporting the integration of all supply chain activities in the Sultanate — providing customers with rapid and unrivalled distribution capabilities across the world, as well as acting as the region’s business-sense gateway to global markets. OSC is a full-scale shipping company handling ship owning, technical management and chartering.

Signing the agreement with DSME on behalf of OSC, Asyad Group CEO Abdulrahman Al Hatmi commented:

“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.”

The announcement follows record Asyad financial results last week at Majlis Asyad, the bi-annual group stakeholder event, of 14 per cent year on year Ebitda growth in first half of 2019, with a projected full-year forecast of 23 per cent growth.

Category Business | 2019/06/28 latest update at 10:00 AM
Source : Times of Oman | Photocredit : Google
Comments Add comment

Gulf Media

Related Articles

The editorial staff of Oman Today would like to give all of its readers from Oman and Gulf and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Oman Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Oman, the Gulf and the world.

His Majesty pardons more than 200 prisoners in Oman Gulf TV,Oman

His Majesty pardons more than 200 prisoners in Oman

His Majesty Sultan Qaboos Bin Said, the Supreme Commander of the Armed Forces, has pardoned 272 prisoners on…

Oman thanks His Majesty on Renaissance Day Gulf TV,Oman

Oman thanks His Majesty on Renaissance Day

Oman thanks His Majesty on the occasion of Renaissance Day Citizens, sportspersons and leading diplomats in Oman have…

Britain and Oman: Will their growing special relationship survive succession? Sultan

Britain and Oman: Will their growing special relationship survive succession?

Sixty years ago, Britain won a long-forgotten war in Oman, setting the special relationship between the two countries that is…

His Majesty the Sultan gives audience to US Secretary of State Mike Pompeo Sultan

His Majesty the Sultan gives audience to US Secretary of State Mike Pompeo

His Majesty Sultan Qaboos bin Said granted an audience to Mike Pompeo, Secretary of State of the United…


Popular in GULF TV

More Than 10 Incredible Facts About Oman


Oman is a country on the Arabian Peninsula. Oman’s official religion is Islam. The coast is formed by…

Latest videos in GULF TV





Science & Technology