Oman seeks $4bn for shipping expansion

Oman’s state shipping firm aims to raise $4 billion by year-end to finance its proposed fleet expansion programme. This money will finance the existing vessels already on order and the purchase of more ships. Oman Shipping Company (OSC) is looking to grow its fleet to meet demand for energy transportation by adding between 15 and 20 refined product tankers to its fleet.

Part of OSC’s multi-billion dollar expansion includes an order to build 10 VLCCs. In February, OSC placed two separate orders with South Korea’s Hyundai Heavy Industries Co build five super tankers, and with Daewoo Shipbuilding to build another five VLCC’s. The deals were valued at about $770 million each.

OSC’s major stakeholders include the Ministry of Finance and Oman Oil Company.