Oman Shipping secures $110m financing for five vessels

Oman Shipping, part of Asyad Group, has entered into a new $110m financing deal with Standard Chartered to refinance three oil tankers and two VLCCs.

Oman Shipping believes the new financing facility will enable the company to optimise its debt position by reducing overall borrowing costs and eliminating refinancing risk, all while diversifying the company’s pool of financial partners.

“We are delighted to have agreed on this substantial finance facility for five of our vessels with Standard Chartered. 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,” said Michael Jorgensen, acting chief executive officer of Oman Shipping.

“We are truly privileged to lend our expertise and resources in support of our clients. This deal gave us the opportunity to work across teams globally to propose the most optimal and innovative financing solutions for Oman Shipping Company,” said Hussain bin Ghalib Al Yafai, CEO of Standard Chartered Oman.

Oman Shipping currently operate a versatile fleet of 50 vessels made up of LNG carriers, LPG carriers, VLCCs, tankers, VLOCs and containerships.