OSC Signs USD 110 Mn Loan to Refinance Five Ships

Signing ceremony for financing agreementImage Courtesy: Oman Shipping Company

Muscat-based Oman Shipping Company (OSC) has agreed a new USD 110 million ship financing deal with banking and financial services company Standard Chartered.

Under the deal, signed on September 15, the funds would be used for refinancing of three tanker vessels and two very large crude carriers (VLCCs).

The new financing facility would enable Oman Shipping Company to optimize its debt position by reducing overall borrowing costs and eliminating refinancing risk, while diversifying the company’s pool of financial partners.

“OSC is growing from strength to strength, and today’s announcement will help us explore opportunities to expand our full-service shipping offering yet further,” Michael Jorgensen, Acting Chief Executive Officer, Oman Shipping Company, was cited as saying.

The company has a fleet of 50 vessels, including LNG and LPG carriers, VLCCs, tankers, VLOCs and containerships.

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