Oman Shipping to invest in 3 VLCC; each vessel to carry 300K tonnes

June 26, 2019: Oman Shipping Company (OSC), a member of the integrated logistics provider ASYAD Group has signed 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. Each of the vessels will be 336 metres long and 60 metres wide and will be able to hold 300,000 tonnes of cargo.

As per the agreement, OSC has committed to re-invest in growth- increasing connectivity between Oman's ports and global ports in response to expanding customer demand.

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.

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 percent. Long-term contracts with international oil majors are already in place for all ships.

On behalf of OSC, ASYAD group CEO Abdulrahman Al Hatmi commented, "Oman Shipping Company's capabilities and customer offering is 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."

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.