Oman Shipping Company (OSC), a member of the Asyad Group, and Standard Chartered Oman signed a $110mn re-finance facility for three tanker vessels and two very large crude carriers (VLCCs) on Sunday.

The facility, solely arranged by Standard Chartered, will allow OSC to effectively manage its debt through reduction of borrowing costs and elimination of refinancing risk, all while diversifying the company’s pool of financial partners, the company said in a statement.

Hussain bin Ghalib al Yafai, Chief Executive Officer, Standard Chartered Oman 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 in order to propose the most optimal and innovative financing solutions for Oman Shipping Company.”

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Speaking on Standard Chartered’s commitment to assisting economic growth in Oman, he added: “For 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.”

Michael Jorgensen, Acting Chief Executive Officer, Oman Shipping Company, said that they were 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.”

Earlier this month, OSC formally took over its latest addition to the company’s dry bulk fleet, with an aim to increase the company’s offering in the dry bulk market in response to growing customer demand.

In March, Tae Kwon Kim, General Manager – Commercial Liner & Bulk, had outlined the company’s plans in an interview, saying that one of the major milestones for Asyad Group Vision 2040, was to expand the capacity of their Dry Bulk cargo business in order to meet the demands of the growing mining industry.

ASYAD’s OSC is an integral part of Oman’s drive to become a top-ten global logistics hub and is supporting the integration of all supply chain activities in the Sultanate – providing customers with rapid and unrivalled distribution capabilities across the Middle East, as well as acting as the region’s business-sense gateway to global markets.