OSC’s ambitious expansion plans

OSC recently ordered two new very large crude carriers (VLCC) from South Korean shipyard, Daewoo Shipbuilding & Marine Engineering, adding to its existing fleet of 49 vessels which includes 16 VLCCs, 17 product tankers and 4 chemical carriers.

“The new additions to OSC’s VLCC fleet will be amongst the most technically advanced in the world,” said Michael Jorgensen, who is also OSC’s acting chief executive. “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.”

According to Mr Jorgensen the new build will involve the latest eco-friendly technology to meet and exceed the environmental regulation standards of the International Maritime Organisation. “Key elements of the next generation design include highly-efficient engine and fuel-saving technologies. They will also be outfitted with open loop scrubbers bringing addition environmental benefits while also addressing new SOX, NOX environmental regulations effective from January 2020,” he added.

Mr Jorgensen said significant growth is also being driven by a new VLCC ‘spot-chartering’ desk which secured more than 100 fixtures with world leading oil majors in its first 20 months of operation.

In the domestic market, OSC’s growth is being driven by a 20-year contract to transport condensate for Oman Oil Refineries and Petroleum Industries Company and a 15-year deal transporting methanol for Oman Trading International from Salalah Methanol plant.

The company is also further supporting the export of LPG from Sohar Refinery to Yemen, Sudan, India, Bangladesh and Sri Lanka.