Oman Shipping Company signs a Contract of Affreightment with Shell International Eastern Trading Company
Jan 15, 2017
Oman Shipping Company (OSC) today announced that its subsidiary, Oman Charter Company (OCC), has entered into a contract of affreightment (COA) agreement with Shell International Eastern Trading Company (Shell) for three years. The contract grants Shell access to the Very Large Crude Carriers (VLCC) operated by OCC for crude oil cargo transportation requirements and provides OCC with the cargo base it needs to support its commercial operations.
“We are pleased to associate ourselves once again with Shell.” Said Tarik Al-Junaidi, Chief Executive Officer of Oman Shipping Company. “In addition to the 10 MR tankers that we have recently chartered to Shell, this COA demonstrates the ability of Oman Shipping Company and its subsidiaries to deliver top shipping solutions that meet the requirements of our esteemed clients. It is our endeavor to continuously provide our customers with reliable transportation services and to find mutual solutions that benefit both parties.”
“For over 50 years, Shell in Oman has been committed to meeting the country’s growing energy demand in a socially and economically responsible manner. We look forward to strengthening this well-established relationship through this agreement with Oman Shipping Company (OSC),” said Mike Muller, Vice President for Trading and Supply Crude, Shell International Trading and Shipping Company. “Shell’s unique trading capabilities allow us to support OCC in building their commercial operations, and our hope is that this will boost Oman’s position as a world player in the oil and gas industry.”
Notes to Editors:
About Oman Shipping Company
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. The Company is involved in Ship Owning, Ship Chartering and Ship Management activities through its various Subsidiaries.
OSC has a focused vision to be the ‘first choice partner in maritime transportation’. Arising out of this corporate vision, it has dedicated itself to offering the most optimum seaborne shipping solutions which benefit its worldwide customers. Oman Charter Company, a subsidiary and the chartering arm of OSC, will take full commercial control of its 15 VLCC’s that are currently operated in the VL8 pool during the first half of 2017. In addition to rendering services to the COA with Shell, these VLCC’s will be employed in the spot market to serve the transportation needs of its various other customers.
Out of the 53 vessels that are operated by OSC, 39 vessels are technical managed in-house in line with international standards through its ship management subsidiary, Oman Ship Management Company. OSC has an impressive record of reaching the 8 million DWT mark in its operating capacity in a relatively short span of 13 years, which has enabled the company to make a positive contribution to Oman's economic growth.
About Shell Trading
Shell’s Trading and Supply business, through its network of global trading companies, is one of the largest energy trading operations in the world. We are active in most crude oil markets, sourcing from a wide range of suppliers and selling to a wide range of customers both within and outside Shell. As one of the world’s leading oil and gas companies, we have a deep understanding and expertise of what it takes to produce, transport and refine crude oil. Globally, we handle more than eight million barrels of physical crude per day.