Oman Shipping Company (OSC), a member of the ASYAD Group, has signed an agreement with South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) to build three very large crude carriers (VLCC) as part of a fleet renewal strategy.

Through its new assets, OSC will increase its competitive advantage in the market, providing customers with additional high-quality, economical and technologically-advanced vessels. Once operational, OSC predicts that the three VLCC newbuilds will increase company oil shipping revenues by 10%. Long-term contracts with international oil majors are already in place for all ships.

The announcement was made possible by Oman Shipping Company’s commitment to re-invest revenue in growth – increasing connectivity between Oman’s ports and global ports in response to expanding customer demand.

Each of the vessels will be 336 metres long and 60 metres wide and will be able to hold 300,000 tons of cargo. All of the new orders will also meet future environmental requirements – including IMO 2020 standards – as well as benefit from DSME’s market-leading efficient-design for newbuilds.

ASYAD’s OSC is an integral part of Oman’s drive to become a top 10 global logistics hub, and is supporting the integration of all supply chain activities in the Sultanate – providing customers with rapid and unrivalled distribution capabilities across the Middle East, as well as acting as the region’s business-sense gateway to global markets.

“Oman Shipping Company’s capabilities and customer offering are growing from strength to strength in response to increasing demand,” said ASYAD Group CEO Abdulrahman Al Hatmi. “OSC’s fleet renewal programme reflects the company’s commitment to high-quality services, enhanced global connectivity and industry-leading competitiveness.”