Muscat-headquartered Oman Shipping Company (OSC) has officially set up a new commercial chartering desk offering its Very Large Crude Carriers (VLCCs) to traders and charterers covering VLCC routes worldwide.
OSC controls a fleet of 51 vessels including 43 owned, out of which 33 vessels are tankers.
The company owns 16 VLCCs within the fleet out of which OSC is now commercially managing 15 VLCCs through its subsidiary Oman Charter Company (OCC).
The move follows an announcement in December 2016 which saw OSC withdrawing 15 VLCCs from the VL8 pool based in Singapore. The VLCCs were being outsourced to be run commercially through the pool.
After setting up it own crude oil chartering desk, OCC, OSC has taken over full commercial control of the VLCCs. As part of this strategy, OCC signed a Contract of Affreightment with Shell International Eastern Trading Company, a Shell subsidiary, for a period of three years, which gives a cargo base for the 15 VLCCs.
“Bringing the management of our VLCC fleet in-house gives us greater autonomy, and ultimately enables us to direct the operation with greater control. The VLCC fleet is set to play a large role in the future growth of the company. We are satisfied that vessels are now within the correct chartering structure to maximize their potential,” OSC CEO Tariq Al Junaidi said.