Oman Shipping Company Signs Its 1st Ijara Contract to Finance Two Ships

FinanceIllustration; Source: Pixabay under CC0 Creative Commons license

Muscat-based Oman Shipping Company (OSC) has completed a USD 80 million Shariah-compliant “Ijara” transaction with Abu Dhabi Islamic Bank (ADIB). 

The financing facility represents OSC’s first Ijara asset finance transaction, according to Clyde & Co.

Specifically, the facility would enable the shipping company to finance two very large crude carriers (VLCCs) and further support its expansion plans, Michael Jorgensen, Chief Financial Officer and Acting Chief Executive Officer at OSC, told Times of Oman.

On the other hand, the transaction is part of the Islamic bank’s efforts to fund “significant assets” in the marine and energy sectors.

Established in 2003, OSC has a fleet of about 50 vessels including LNG, LPG carriers, tankers, bulkers, multipurpose and container vessels.

World Maritime News Staff


Related:

OSC Signs USD 110 Mn Loan to Refinance Five Ships

Share this article

Follow World Maritime News

In Depth>

Events>

<< Apr 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

Europort Romania

Europort Romania is the premier maritime networking event of the Black Sea and will connect maritime technology and service suppliers with high level professionals from Romania and surrounding shipbuilding markets.

More info

read more >

MARITIME INDUSTRY 2020

The future of the maritime sector is the point of focus during Maritime Industry 2020.

read more >