Standard Chartered and Oman Shipping Company (OSC) sign USD 110 million finance facility

The facility covers 3 Tanker Vessels and 2 Very Large Crude Carriers

  
  • Standard Chartered is Arranger and Facility Agent

Muscat, Sultanate of Oman – Standard Chartered and Oman Shipping Company (OSC), a member of the ASYAD Group, have announced a USD 110 million re-financing facility for three Tanker Vessels and two Very Large Crude Carriers (VLCCs). The signing ceremony took place at ASYAD’s headquarters and was attended by senior executives from Standard Chartered Oman, ASYAD Group and Oman Shipping Company. The facility has been solely arranged by Standard Chartered.

Today’s announcement is a clear indication of the strength of OSC’s balance sheet and the support the company enjoys from ASYAD Group, both of which were key factors in negotiations. This new financing facility will enable Oman Shipping Company to optimize 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, 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 Chief Executive Officer, Oman Shipping Company, said: “We are delighted to have agreed 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.”

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 gateway to global markets. OSC is a full-scale shipping company handling ship owning, technical management and chartering.

--- Ends ---

For further information please contact:

Noora Al Nusuf
Head of Corporate Affairs and Brand & Marketing, Standard Chartered
+97317150760 / Noora.AlNusuf@sc.com 

Standard Chartered
We are a leading international banking group, with a presence in more than 60 of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.

For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on Twitter, LinkedIn and Facebook.

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/ 

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.


More From Press Releases