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OSC to raise funds for fleet expansion
August 08, 2008: Oman's state shipping firm aims to raise $4 billion by end-2008 to finance its proposed fleet expansion programme.
Oman Shipping Company (OSC) is looking to grow its fleet to meet demand for energy transportation by adding between 15 and 20 refined product tankers to its fleet. Its expansion plan includes an order to build 10 very large crude carriers (VLCC).
In February, OSC placed two orders with Hyundai Heavy Industries to build five supertankers and with Daewoo Shipbuilding and Marine Engineering Company to build another five VLCCs. The deals were worth $770 million each.
Source: Gulfdailynews.com