Oman Shipping Company (OSC) is launching an ambitious fleet expansion plan after placing orders for two VLCC newbuildings with the South Korean shipyard Daewoo Shipbuilding & Marine Engineering (DSME). OSC’s chief financial officer, and acting chief executive, Michael Jorgensen indicated that the new 336m long, 300,000 dwt tankers are expected to be deployed in the spot market when delivered in the final quarter of 2020.
“The new additions to OSC’s VLCC fleet will be amongst the most technically advanced in the world,” said 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, as well as in the bulk and container market.”
OSC’s latest VLCCs will be built to the latest environmental standards and will feature highly efficient engines and other fuel-saving technologies. They will also be outfitted with open loop scrubbers addressing new sulphur emissions standards entering force in 2020.
Jorgensen adds, “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.”