Oman Shipping secures $227m financing for ten tankers

Oman Shipping Company has secured $227m to finance its purchase of 10 medium range tankers, which are locked into charters with Shell Tankers Singapore for seven years.

Societe Generale acted as sole arranger and underwriter for the deal, which involved a combination of export credit agency and commercial financing.

Oman Shipping Company ordered the ten 50,000 dwt medium-range tankers at South Korea’s Hyundai Heavy Industries in 2013 for a total of $320m.

“We are very pleased with the successful close of this landmark transaction particularly in the current environment, a testimony to our current strategy and its robustness. Beyond the importance for OSC, this deal perfectly meets our company’s objectives in terms of diversification of funding sources,” said Tarik Al-Junaidi, chief executive officer, Oman Shipping Company.