High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
Oman Shipping Company S.A.O.C. (OSC) took delivery of one of their latest Very Large Crude Carrier (VLCC) the DABA, at Hyundai Heavy Industries co. Ltd’s (HHI) Yard in Ulsan, South Korea on 6th Jan 2012.
DABA has a 317,000 deadweight ton (DWT) capacity, is 333 meters length overall, 60 meter in beam and a design draft of 21 meters. This is OSC’s third VLCC delivery, out of an order of five, from HHI, and is the Company’s 11th out of a future fleet of 17 VLCCs. DABA is going to be operated in the VL8 Pool, managed by NAVIG8, of which OSC is Shareholder. With this, OSC will have 6 vessels in VL8 Pool. International Tanker Management (ITM), in Dubai, will technically manage the vessel.
Since commercial operations began in 2003, OSC now has afleet of 30 vessels, and an order book of 11 vessels to be delivered between now and 2013. The DWT capacity of the current fleet is around 4.6 million DWT, increasing to around 8 million DWT once the order book is delivered.
Oman Shipping Company S.A.O.C. is a closed joint stock company, incorporated in 2003 and owned by the Government of the Sultanate of Oman through the Ministry of Finance (80%) and Oman Oil Company S.A.O.C.(20%). Headquartered in Muscat, Oman, it was established to transport the Sultanate’s oil and gas products to world markets, provide Omani shipping services to the country’s trade partners in other commodities, and to re-vitalize Oman’s seafaring tradition. The Company is involved in ship owning, chartering and management activities through its subsidiary companies: Oman Charter Company S.A.O.C., Oman Ship Management Company S.A.O.C., and Oman Container Line S.A.. In 2010, the Company’s profit was USD 19.5 Million, with a turnover of USD 238 Million, and total assets of USD 2.3 Billion. OSC’s Omanisation ratio is 86%, and the Company has an active cadet program for Omani Deck and Engineering staff.
Oman Shipping Company’s fully owned subsidiary, Oman Ship Management Company (OSMC) is presently undertaking the technical management of 14 of Oman Shipping Company’s Vessels including 3 VLCCs. Going forward, OSC has plans to bring more of its vessels under Oman Ship Management’s technical management. Recently, in September 2011, OSMC was awarded ISO 9001 and ISO 14001 accreditation, recognising its adoption of international standards and best practices in Ship Management.
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