Posted On: 04-01-2020
Muscat-based Oman Shipping Company (OSC) has completed a USD 80 million Shariah-compliant “Ijara” transaction with Abu Dhabi Islamic Bank (ADIB). The financing facility represents OSC’s first Ijara asset finance transaction, according to Clyde & Co. Specifically, the facility would enable the shipping company to finance two very large crude carriers
(VLCCs) and further support its expansion plans, Michael Jorgensen, Chief Financial Officer and Acting Chief Executive Officer at OSC, told Times of Oman. On the other hand, the transaction is part of the Islamic bank’s efforts to fund “significant assets” in the marine and energy sectors. Established in 2003, OSC has a fleet of about 50 vessels including LNG, LPG carriers, tankers, bulkers, multipurpose and container vessels.