OSC takes delivery of latest VLCC from HHI

9 January 2012 (Last Updated January 9th, 2012 18:30)

Oman Shipping Company (OSC) has taken delivery of DABA, one of the latest very large crude carrier (VLCC) ships from Hyundai Heavy Industries' (HHI) shipyard in Ulsan, South Korea.

Oman Shipping Company (OSC) has taken delivery of DABA, one of the latest very large crude carrier (VLCC) ships from Hyundai Heavy Industries’ (HHI) shipyard in Ulsan, South Korea.

The VLCC has a length of 333m, beam of 60m, design draft of 21m and the capacity to handle 317,000dwt. DABA is the company’s third VLCC delivery of a five-strong order from HHI and is its 11th VLCC acquisition.

The vessel will be operated in the VL8 Pool, managed by NAVIG8, of which OSC is a shareholder and will be technically managed by International Tanker Management in Dubai. OSC is involved in shipowning, chartering and management activities via its subsidiaries Oman Charter Company, Oman Ship Management Company (OSMC) and Oman Container Line.

In 2008 the company signed a KRW725.4bn ($767.6m) order with HHI to build five supertankers. While signing the contract, the company said the order is part of its strategy to expand its vessel fleet.

Last year HHI delivered a 317,000 dwt VLCC to OSC that had a length of 333m, height of 60m and depth of 30.4m.

In July 2011, OSC took delivery of a VLCC from Japan-based Universal Shipbuilding that has a capacity of 300,000dwt. The company handles about 4.6Mdwt of cargo, which is expected to increase to around 8Mdwt by 2012.

In 2011 the company reported a profit of $19.5m, with a turnover of $238m and total assets of $2.3bn.

Up until last year the company operated a fleet of 29 vessels comprising of ten VLCCs, one VLGC, seven LNGs, four chemical carriers, four product tankers, two multipurpose heavy lift vessels and one supramax bulk carrier.

OSMC is currently undertaking the technical management of 14 of its vessels including three VLCCs.

OSC, which is owned by the Government of Oman through the Ministry of Finance (80%) and Oman Oil Company (20%), started commercial operations in 2003. It currently has a fleet of 30 vessels and an order book of 11 vessels, which are scheduled to be delivered by 2013.