Oman Shipping Company Invests in Three New Generation VLCC Vessels

New agreement signed today with South Korea's Daewoo Shipbuilding & Marine Engineering for a total of 3 VLCCs

  
Mr. Sung Geun Lee, President and CEO Daewoo Shipping Marine Engineering (DSME) and ASYAD Group CEO, Mr. Abdulrahman Al Hatmi.

Mr. Sung Geun Lee, President and CEO Daewoo Shipping & Marine Engineering (DSME) and ASYAD Group CEO, Mr. Abdulrahman Al Hatmi.

  • Long-term contracts with international oil majors are already in place for all ships
  • Order represents an investment in growth in response to increasing customer demand
  • Agreement further positions Oman Shipping Company a global full-scale shipping leader
  • Daewoo Shipbuilding & Marine Engineering is one of the world’s leading VLCC newbuild companies

MUSCAT: - Oman Shipping Company (OSC), a member of the ASYAD Group, has today 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.

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.

Today’s announcement 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.

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 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”.

-Ends-

Oman Shipping Company

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, VLOCs and Containerships, Oman Shipping Company offers shipping solutions to Oil, Gas, Dry Bulk and General Cargo sectors.

The company undertakes several shipping related activities via the following subsidiaries: Oman Ship Management Company SAOC (OSMC), Oman Charter Company SAOC (OCC) and Oman Container Lines (OCL). https://www.omanship.co.om/ 

ASYAD  

ASYAD is Oman’s integrated logistics provider – with an ambition to make the country one of the world’s top ten logistics hubs.

The company groups 16 government logistics companies and JVs under one entity – demonstrably improving performance, creating efficiencies and offering economies of scale.

The Group’s customers benefit from Oman’s location - situated close to global trade routes and with major global ports within 2 week’s sail. The company’s website is here: https://www.asyad.om/ 

© Press Release 2019

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