Oman Shipping Seals USD 202m VLCC Financing Deal

  • Business & Finance

Oman Shipping Company has signed a USD 202.6 million (OMR 78 million) financing deal with Meethaq, an Islamic banking unit of Bank Muscat, aimed at refinancing OSC’s three Very Large Crude Carriers (VLCCs).

The vessels in question are the 2008-built 317,000 DWT Marbat, the 2008-built 317,000 DWT Manah and 2009-built 317,000 DWT Mazyonah.

“The financing agreement comes within the scope of OSC’s strategy to broaden relations with local partners to achieve the highest value for the national economy.

“Successful closure of this business deal clearly indicates availability of Sharia compliant financing facilities in Oman reducing the need to depend on external financing for major projects which will contribute significantly to the growth of the company and implementation of its business plans,” Tariq al Junaidi, CEO of Oman Shipping Company, is quoted as saying by the Oman Observer.

Oman Shipping Company S.A.O.C. is a closed joint stock company, incorporated in 2003 and owned by the Government of the Sultanate of Oman through the Ministry of Finance (80%) and Oman Oil Company S.A.O.C. (20%).

The company operates a fleet of 47 vessels based on the data provided on its website, including container ships, LPG and LNG carriers, product tankers along with bulk carriers and multipurpose vessels.

World Maritime News Staff

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