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Oman Shipping Co scores chartering success with VLCC desk

Oman Shipping Company's (OSC) spot chartering VLCC desk has paid dividends for the shipping company in terms of fixtures.

OSC set up the desk in May 2017 having withdrawn from the Singapore-based VL8 pool at the end of 2016. Since then it has concluded more than 110 fixtures with 24 charterers and 15 broking houses.

Around 35% of OSC's fleet is on spot charter with the other 65% dedicated to Shell.

“We are highly satisfied with the progress of our new commercial chartering desk now in its second year of operation,” OSC general manager commercial, tankers & gas, Debasish Mohapatra 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 Company, a Shell subsidiary, for a period of three years. This gave us a substantial cargo base for the entire fleet to kickstart the operation.”

Read more: Oman Shipping Co looking to buy two containerships

On the spot side of the business OSC has chartered vessels to oil companies such as Reliance, Essar, BP, GS Caltex, S-Oil, Indian Oil, Hyundai Glovis and Kuwait Petroleum, and traders such as Trafigura, ST Shipping, OTI and Socar.

The VLCCs are technically managed by Oman Ship Management Company. “We believe this has been key to our success, and while OSC is highly competent with office-based service delivery, our vessels also offer great value to charterers. We have a relatively young fleet with high specifications, good safety records and low fuel consumption,”he said.

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