Oman Shipping Company (OSC) has secured a $110m refinancing facility from Standard Chartered Bank for three tanker vessels and two very large crude carriers (VLCCs).

The funding will be used to reduce overall borrowing costs and eliminate refinancing risks, which will enable Oman Shipping Company to improve its debt position.

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It will also enable Asyad Group shipping unit OSC to expand its group of financial partners.

Standard Chartered Oman CEO Hussain bin Ghalib Al Yafai said: “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.

“Over more than 50 years, Standard Chartered has served the Omani community and contributed to its economy and infrastructure development. We are strongly committed to the Sultanate and dedicated to continuing supporting our clients as they expand and grow their businesses globally.”

OSC acting CEO Michael Jorgensen said: “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.”

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Meanwhile, OSC has taken delivery of the 63,500dwt Ultra-max bulk carrier, Jabal Shams, from Zhoushan Changhong Shipyard in China. The carrier is one of four sister-vessels due to be delivered to OSC this year.

In June, OSC signed a deal with Daewoo Shipbuilding & Marine Engineering (DSME) to build three VLCCs as part of its fleet renewal strategy.

OSC has 16 VLCCs, 17 product tankers and four chemical carriers, which represents more than half of the company’s national fleet.