Sep 18 2010 |
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Oman Shipping fleet to rise to 42
MUSCAT -- Oman Shipping Company ( OSC ) is set to double the size of its fleet over the next two years, underscoring the government's ambition to establish a truly world-class, ocean-going national shipping fleet. From 19 vessels currently in hand, and four on charter, the state-owned shipping line's fleet strength will be ramped up to a total of 42 owned and chartered vessels by 2012. The high-tech fleet spans a diverse range of cargo carrier segments, from LNG tankers and Very Large Crude Carriers (VLCCs) to dry bulk carriers, chemical and product tankers, ore carriers, gas carriers and even multipurpose vessels.Nineteen new vessels are under various stages of design and construction at shipyards in Korea, Japan and China. Very Large Crude Carriers (VLCCs) account for 13 of these newbuildings, of which 10 are being built in Korea and the remainder in Japan. Also under construction are four Ultra Large Ore Carriers (ULOCs), which at 400,000 tonne capacity apiece, are the largest vessels of their kind in the world. The mammoth carriers, destined for Brazilian conglomerate Vale's iron ore pelletising plant at Sohar, are being built at a Chinese shipyard.
Rounding off the list of newbuildings on order are two Supramax bulk carriers, each of 55,000 DWT capacity, under construction at a Japanese shipyard. They are earmarked for the shipment of alumina for Sohar Aluminium's smelter. Deliveries of the 19 newbuildings are scheduled at regular intervals through to the mid-2012, starting with the delivery of a VLCC in September this year. The fleet's total tonnage is projected to rise to over 8 million DWT by 2012.
Since its establishment seven years ago, Oman Shipping 's fleet expansion has been both fast-paced and broad-based. Starting with its core business of LNG and energy transportation, the company has since diversified into liquid and dry bulk shipping, covering petrochemicals and mineral ores. Having assembled a world-class fleet, Oman Shipping is now entering a period of consolidation, particularly as the shipping industry worldwide copes with a prolonged slump brought on by the global financial crisis. Although Oman Shipping has fared better than most shipping lines during this downturn, the company is now focused on firming up its overall business.
During this phase of consolidation, new additions to Oman Shipping 's fleet will be contemplated primarily against long-term shipping arrangements with reputable customers, and where the promise of healthy returns is assured. As the Sultanate's national maritime carrier, OSC is committed to its core objective of meeting the maritime transportation services of the country's burgeoning economy.
The company is already the principal provider of maritime transportation services to the great majority of the Sultanate's leading energy, petrochemicals and industrial players, including Oman LNG, Qalhat LNG, Oman Refineries and Petrochemicals Company, Vale, Oman Trading International and Sohar Aluminium. Indeed, long-term shipping charters with these reputable customers account for 82 per cent of OSC 's overall business.
At the same time, OSC is continuing to explore opportunities to provide maritime shipping support to the Sultanate's rapidly expanding petrochemicals and industrial sector. Oman Shipping Company is 80 per cent owned by the Ministry of Finance and 20 per cent owned by Oman Oil Company (OOC).
By Conrad Prabhu
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