Oman Shipping Company Invests in New Generation VLCC Vessels

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Oman Shipping Company (OSC), a member of the ASYAD Group, announced the signing of an agreement with South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) to build three Very Large Crude Carriers (VLCC) as part of a fleet renewal strategy.

Via a media release, it was said that through its new assets, OSC will increase its competitive advantage in the market – providing customers with additional high-quality, economical and technologically-advanced vessels.

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

This initiative has been made possible by Oman Shipping Company’s commitment to re-invest revenue in growth – increasing connectivity between Oman’s ports and global ports in response to expanding customer demand.

Oman Shipping Company Invests in New Generation VLCC Vessels

VLCC Vessels

Each of the vessels will be 336-meters-long and 60-meters-wide and will be able to hold 300,000 tons 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.

ASYAD’s 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 business-sense gateway to global markets.

Signing the agreement with DSME on behalf of OSC, ASYAD Group CEO Abdulrahman Al Hatmi 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.”

Oman Shipping Company Invests in New Generation VLCC Vessels

Sushmita, Assistant Editor – BusinessLiveME, enjoys writing about a variety of topics, including but not limited to, energy, video games, infrastructure, cyber security, feminism and gender, and popular culture. Apart from her content-related duties, Sushmita is adept at making to-do lists.

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