The ceremony took place at the Hyundai Mipo Dockyard in Ulsan, South Korea. OSC will now take delivery of the Muscat Silver as part of a deal which will see 10 MR tankers delivered to it over the next year.
All the vessels will be chartered to Shell International Trading and Shipping Company Ltd for its Project Silver, which consists of 50 new-builds. They will each operate worldwide with 20-strong crews – including a number of Omani officers.
The Muscat Silver and Rustaq Silver are both 183 metres in length and 32.2 metres wide, with a depth of 19.1 metres.
Each medium range tanker’s capacity was 37,900 metric tonnes at the design draft and 49,800 metric tonnes at the scantling draft. They both have a gross tonnage of 29,354 tonnes and net tonnage of 12,195.
OSC General Manager Wasam Al Najjar, said OSC – already one of the biggest ship operators in the Gulf – would strengthen and consolidate its position in the hydrocarbon shipping sector with the new vessels.
“The delivery of the Muscat Silver boosts OSC’s fleet to 44 ships,” he said. “This is just the beginning of our expansion too with the next nine ships due to be delivered within 12 months, which is testament to OSC’s capacity and ambition. Our investment in new ships demonstrates we can offer the very best, and very latest, shipping solutions to major operators like Shell. Entering into new joint venture agreements to expand our fleet is the key to OSC’s ongoing business development.”
“OSC will also be offering ship management services for both vessels via its subsidiary Oman Ship Management Company (OSMC). OSMC is a crucial part of OSC and is 100 per cent committed to maintaining the highest international standards of safety. Operating safely, ethically, environmentally responsibly and cost-efficiently is central to OSMC’s mission. Rated a ‘better operator’ by the Tanker Management Self-Assessment (TMSA) programme, we believe OSMC offers customers tremendous value and a dedicated, personal service, underpinned by years of knowledge and experience.”
“The continued growth and success of OSC will play a key role in the Government’s wider plan to diversify the Omani economy. Under the Government’s wise vision maritime, ports and shipping are fundamental to the future prosperity of Oman driving job and wealth creation.”
Incorporated in 2003, OSC is owned by the Omani Government through the Ministry of Finance (80 per cent) and Oman Oil Company (20 per cent).
Launched with the acquisition of six LNG Vessels, OSC has since diversified into the crude oil, chemical, LPG, dry bulk, container and general cargo markets.
Aside from Shell, other customers have included Mitsubishi Corporation, Itochu Corporation, Oman LNG, Qalhat LNG, Petronet, Qatar Gas and Oman Refinery & Petrochemical Company.
The company is also involved in ship owning and ship chartering through its subsidiary companies Oman Charter Company (OCC) and Oman Container Line (OCL).
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1) COMPANY STRUCTURE
Oman Shipping Company (OSC) was incorporated in 2003 and is owned by the Government of Sultanate of Oman through Ministry of Finance (80 per cent) and Oman Oil Company SAOC (20 per cent). OSC is the parent company, which is the investment arm, while Oman Charter Company SAOC (OCC) undertakes chartering and broking activities, Oman Ship Management Company SAOC (OSMC) looks after in-house ship management activities and Oman Container Lines (OCL) Inc. undertakes container-related activities. All three companies are fully-owned subsidiaries of OSC. OSC was launched with the acquisition of six LNG vessels, which were employed to transport Omani LNG to the world markets in partnership with Mitsui OSK Lines (MOL). The company has since diversified into Crude Oil, Chemicals and Products, Dry Bulk, LPG and also Container and General Cargo market segments.
Currently OSC operates 46 ships of different types and sizes with a total cargo carrying capacity of about eight million tons. It has a further 10 Medium Range (MR) product tankers under construction which will be delivered in 2015/16. After the delivery of all these vessels presently under construction, the company will operate a total fleet of about 8.5 million DWT.
3) CORE SECTORS
Oil, Gas and Petrochemicals are the core sectors for OSC. These vessels trade internationally. As regards the dry bulk transport, OSC is mainly in the international transport of minerals. The company also provides coastal services for movement of products along the Omani coast and a container feeder service connecting Omani ports with UAE ports. Customers include: OLNG, ORPIC, OTI, Sohar Aluminium, Vale Oman, Mitsubishi, Itochu, Mitsui, Vela, Reliance, UNIPEC and oil majors like Shell, Exxon, Chevron.
OSC has been making a big contribution to the shipping industry in the region through its Scholarship Program (cadetship), in which OSC offers scholarships every year for high school fresh graduates to study either Nautical Science or Marine Engineering in maritime colleges in Oman or the United Kingdom. To date it has sponsored 172 such cadets. It also offers job opportunities to such sponsored cadets after they successfully complete their studies. Furthermore, OSC is also keen on developing its seafarers through the Scholarship Program for securing management level certificates, under which fully paid Scholarships are made available to the local seafarers enrolled with the company. In addition, there are also Scholarship Programs for Ratings and Cooks.
In 2013, OSC signed an agreement with the International Maritime College Oman to provide training berths to all its cadets including non-Omanis, to complete their required sea service on board its vessels. In the last year, as a result of this arrangement, 112 training berths were provided by the company and it has spent more than US$600,000 for this purpose alone.