Muscat-based Oman Shipping Company (OSC) has agreed a new US$ 110 million ship financing deal, that has been secured solely with Standard Chartered. The funds will be used for the refinancing of five tankers, including two VLCCs.
The new financing facility is designed to enable OSC to optimise its debt position by reducing overall borrowing costs and eliminating refinancing risk, while diversifying the company’s pool of financial partners. It also reaffirms Standard Charter’s commitment to offering ship finance services in the region.
OSC is one of the region’s leading shipping companies with a fleet of 50 vessels, including LNG and LPG carriers, VLCCs, tankers, VLOCs and containerships. The company recently took delivery of a new ultramax bulk charter, Jamal Shams, as part of its ongoing fleet investment programme.
The signing ceremony for the vessel refinancing took place at Asyad’s headquarters in Muscat and was attended by senior executives from Standard Chartered Oman, Asyad Group and Oman Shipping Company.