Oman Shipping Reports Rapid Growth For New VLCC Chartering Desk

A new commercial chartering desk set up by Oman Shipping Company (OSC) has secured more than 100 fixtures with world’s leading oil majors in its first twelve months of operation.

The spot chartering desk set up in May 2017 offers very large crude carriers (VLCCs) to major traders and charterers transporting crude and fuel oil worldwide.

In a press release, OSC’s general manager commercial, tankers and gas, Debasish Mohapatra said, the desk has concluded more than 110 fixtures with a total of 24 charterers and involving more than 15 brokerage companies.

Key new contracts have been secured with oil majors including Reliance, Essar, BP, GS Caltex, S-Oil, Indian Oil, Hyundai Glovis and Kuwait Petroleum, and traders such as Trafigura, ST Shipping, OTI and Socar.

OSC is ranked 13th in the world order of VLCC owners with 15 vessels managed commercially through subsidiary Oman Charter Company (OCC).
Mohapatra said OSC’s decision to set up the chartering desk followed a move to withdraw its entire VLCC fleet from the VL8 pool based in Singapore, back in December 2016.

“We are highly satisfied with the progress of our new commercial chartering desk now in its second year of operation,” he said.

“In March 2017 we took full commercial control of our VLCC which was previously outsourced in a joint venture. As part of our new strategy we signed a contract of affreightment with Shell International Eastern Trading Co, a Shell subsidiary, for a period of three years. This gave us a substantial cargo base for the entire fleet to kickstart the operation.”

“However, we have continued to drive momentum and experienced substantial growth in the last 12 months. We now cater to a broad portfolio of oil majors and crude traders in the world. Around 65 per cent of our VLCC fleet is dedicated to delivering on the Shell account with the remaining 35 per cent is employed by other major crude players,” he added.
Source: Muscat Daily