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Oman Shipping Company places newbuild order with DSME shipyard

OMAN Shipping Company (OSC) has placed orders for two new very large crude carriers (VLCC) orders with South Korean shipyard Daewoo Shipbuilding & Marine Engineering (DSME)

25 January 2019 - 19:00

OMAN Shipping Company (OSC) has placed orders for two new very large crude carriers (VLCC) orders with South Korean shipyard Daewoo Shipbuilding & Marine Engineering (DSME). The order is slated for delivery in the final quarter of 2020.

OSC's CFO and acting CEO Michael Jorgensen said the newbuilds are expected to be deployed in the spot market, as the company plots further fleet expansion in the bulk and container market.



The next generation eco-friendly vessels will add to OSC's expanding fleet of 49 vessels including 16 VLCCs, 17 product tankers and four chemical carriers.



The two latest additions will be constructed at DSME's Okpo shipyard measuring 336 metres in length, with a breadth of 60 metres, each with deadweight capacity of 300,000 tonnes.



'The new additions to OSC's VLCC fleet will be among the most technically advanced in the world,' said Mr Jorgensen. 'They will form a key part of our expansion plan over the coming years as we prepare for further investment in oil and product carriers in 2019/2020, particularly in the bulk and container market.'



Key elements of the next generation design include highly efficient engine and fuel saving technologies. The ships will also be outfitted with open loop scrubbers bringing additional environmental benefits while also addressing new sulphur dioxide (SOX), nitrogen dioxide (NOX) environmental regulations effective from January 2020.



'The investment comes as OSC continues to report strong growth following long-term deals with local refineries and traders. Our crude oil and product vessel portfolio accounts for half of the company's national fleet.'



The latest expansion is a further reflection of the significant upturn in liquid cargoes, including crude, refined petroleum fuels and petrochemicals, being generated by Oman's largely hydrocarbon-centric economy.



'Much of the recent growth has been underpinned by major industrial and petrochemical clusters established at Sohar, Salalah and Duqm. Recent investments in mega refining and petrochemicals schemes in these clusters well for the further growth of OSC's shipping capacity.'


WORLD SHIPPING

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