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Oman Shipping Co signs $35m sustainable finance deal

Oman Shipping Company (OSC), a member of ASYAD Group, has agreed a sustainable financing deal described as the first of its kind both in Oman and for Standard Chartered Bank in the Middle East.

The agreement covers two ultramax dry bulk vessels, the 63,500 dwt sisterships Jabal Al-Mish and Jabal Shams, delivered by China’s Zhoushan Changhong Shipyard respectively in August and September (pictured) 2019.

The eight-year facility is linked to key sustainability targets in line with United Nations sustainable development goals, and the credit margin under the facility will be adjusted based on OSC’s progress against those targets.

The deal will help support OSC’s ongoing fleet growth, with “a significant first for the Sultanate and the shipping industry in the region,” commented Said Al Mawali, ceo of OSC and Oman Drydock Co. 

“We are determined to drive sustainability in our operations and supply chains,” he added, expressing the hope that more companies in the region would follow and embrace “more ethical financing agreements.”

Hussain bin Ghalib Al Yafai, ceo of Standard Chartered Bank Oman, pointed out that the bank had more than 50 years’ involvement in the country and was “proud to support their latest commitment to environmental protection.” 

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