Report: Oman Shipping Secures Funds for 10 Tankers

Oman Shipping Company Omani government-owned Oman Shipping Company (OSC) has secured USD 227 million in debt to finance the acquisition of ten tankers, Reuters said citing France-based Societe Generale. Comprising a combination of commercial debt and export credit agency financing, the agreement covers the purchase of 50,000 dwt medium-range tankers constructed by South Korean shipbuilder Hyundai Heavy Industries. Unveiled on March 2, the deal includes a 12-year ECA facility combined with a tied commercial loan for seven of the ships, while a seven-year mortgage loan covers the remaining three MR tankers, local media reported. Reuters said that the financial services company Societe General was the sole arranger and underwriter of the transaction. World Maritime News Staff