Oman Shipping Company 's CEO Michael Jorgensen

Oman Shipping Readies Further Ship Investments after DSME Order

 Oman Shipping Company 's CEO Michael Jorgensen

Following last week‘s order for two very large crude carriers (VLCC) placed with South Korean shipyard Daewoo Shipbuilding & Marine Engineering (DSME), Oman Shipping Company is set on growing its fleet further.

“The new additions to OSC’s VLCC fleet will be among the most technically advanced in the world,” OSC’s CFO and acting CEO Michael Jorgensen said.

“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.”

Jorgensen added that the key elements of the next generation design of the two VLCCs include highly-efficient engine and fuel-saving technologies. They will also be outfitted with open loop scrubbers addressing the new SOX, NOX environmental regulations effective from January 1, 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 more than 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,” Jorgensen continued.

“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.”

OSC’s fleet of 49 vessels includes 16 VLCCs, 17 product tankers and 4 chemical carriers.

Image Courtesy: Oman Shipping Company (OSC)