Oman Shipping Company (OSC) has signed an agreement with South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) to build three Very Large Crude Carriers (VLCC) as part of its ongoing fleet renewal strategy. Once operational, OSC predicts that the three VLCC newbuilds will increase company oil shipping revenues by around 10 %. Long-term contracts with international oil majors are already in place for all of the new ships.
Each of the vessels will be 336 m in length and will be able to hold 300,000 tons of cargo. All will also be designed to meet future environmental requirements, including IMO 2020 standards.
Additionally, OSC has recently unveiled plans to significantly expand its container shipping fleet, from two vessels presently to 15 by 2023, allowing it to meet a target of transporting 1 million teu of containers a year by 2023 across its network. Currently the company operates a container feeder service, the Gulf Express Service (GEX), between Jebel Ali in the UAE and Sohar, Duqm and Salalah in Oman.
Overall OSC anticipates that its diversified fleet will number 71 ships within the next five years, up from 49 today.