French banking and financial services company Societe Generale has arranged $227m in finance for the state-owned Oman Shipping Company (OSC) to help purchase ten new tankers.

The arrangement includes the participation of a combination of export credit agencies (ECA) and commercial financing, and will see the South Korean ECA K-Sure provide funding for seven of the ten vessels through a 12-year facility.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The K-Sure facility is combined with a tied commercial loan, and the remaining three tankers to be bought by OSC will be financed through a seven-year mortgage loan.

OSC’s new 50,000dwt medium-range tankers will be built by Hyundai Heavy Industries, and chartered to Shell Tankers Singapore for a period of seven years.

"Societe Generale’s commitment to meet all our requirements through an innovative model raised the profile of OSC, and attracted liquidity to successfully close this transaction."

Oman Shipping Company chief financial officer Venugopal Venkatesh was quoted by Trade Arabia as saying: “At the start we set a number of objectives that had to be fulfilled.

See Also:

"These included finding one single bank able to assist us in raising financing for the acquisition of ten vessels, raising long-term financing to move towards the asset lifespan, obtaining competitive pricing, diversifying our banking pool and increasing the OSC Group’s visibility within the international banking market.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“Societe Generale’s commitment to meet all our requirements through an innovative model raised the profile of OSC, and attracted liquidity to successfully close this transaction.”

Crédit Agricole Corporate & Investment Bank, Korea Development Bank and ABN Amro also acted as mandated lead arrangers for OSC to arrange funding for the procurement of the tankers.