Oman Shipping Co (OSC) is working on renegotiating charters and renewing its fleet under new chief executive Ibrahim Al Nadhairi.
The former chief operating officer was confirmed in the role, and that of CEO at sister company Oman Drydock (ODC), on Tuesday.
OSC told TradeWinds it operates one of the youngest fleets in the world with an average vessel age of between eight and nine years.
"Going forward...the company has future strategic financial investment plans to maintain the young fleet and replace the old tonnages with modern, efficient and environment friendly vessels," a spokesman said.
Environmental and economic priorities
"As our fleet grows and technology develops, the company is continuously engaged with various stakeholders to ensure that the company's strategic investments are both environmentally and economically viable."
OSC's mixed fleet of 48 ships is made up of VLCCs, VLOCs and LNG carriers, as well as smaller tankers and bulkers. One VLCC is still on order at Daewoo Shipbuilding & Marine Engineering in South Korea for delivery in 2021.
Among the oldest vessels are four VLCCs built in 2008 and 2009, six LNG carriers dating from between 2001 and 2008, and a product tanker also built in 2008.
Charter book to be restructured
The spokesman also explained that some of the company's fleet will be coming off long-term charters in the near future.
"OSC is on a daily basis gainfully engaged with their esteemed clients to re-engage the vessels on short to medium term charter," he added.
"At the same time, the company is constantly on a look out for new business opportunities which will fulfil their strategic growth plan within the company's investment parameters."
The move to appoint a joint CEO was seen as continuing the integration of OSC and ODC.
Al Nadhairi had been doing both jobs on an interim basis since August.
He is replacing Said bin Homoud Al Mawali, who was appointed Oman's minister of transport, communications and information technology in the summer.
Fully integrated
OSC also told TradeWinds: "Being a fully integrated shipping company with in-house technical and commercial management, OSC always endeavours to provide the most efficient and safe shipping solution to its customers."
The new CEO was in charge of the ship management unit, looking after the technical running of the fleet, as well as overseeing the company's assets operated by third-party managers.
The qualified chief engineer has extensive experience in "engineered systems and process that require deep understanding of critical business drivers in multiple market and industries", parent ASYAD Group said.
Green financing arranging
Earlier this year, OSC tapped Standard Chartered to seal Oman's first sustainable refinancing in a deal involving two bulkers.
The financier is providing $35m to cover OSC's Chinese-built ultramaxes, the 63,500-dwt Jabal Shams and Jabal Al-Misht (both built 2019).
The deal was also the London and Hong Kong-listed lender's first sustainable shipping transaction in the Middle East.
ASYAD brings together 16 government logistics companies and joint ventures under one entity. Its assets include three ports and five airports.
