Oman secures funds for 10 tankers

Oman secures funds for 10 tankers

Omani government-owned Oman Shipping Company (OSC) has secured USD227 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.

The financial services company Societe General was the sole arranger and underwriter of the transaction.