Oman Shipping Company, part of Asyard Group, has entered into a $35m sustainable financing deal with Standard Chartered Bank.
According to Oman Shipping, 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 agreement covers two ultramax dry bulk vessels, 63,500 dwt sisterships Jabal Al-Mish and Jabal Sham, which were delivered to the company last year.
“This most recent deal with SCB will support Oman Shipping Company’s operational expansion by further strengthening and increasing our capacity within a growing fleet. We are particularly pleased with the sustainability component of the agreement, a significant first for the Sultanate and the shipping industry in the region. We are determined to drive sustainability in our operations and supply chains, and we feel this agreement is aligned to who we are as a company, Asyad Group and our company values. As we continue to lead the direction of shipping regionally, we look forward to others following, by embracing more ethical financing agreements,” said Al Mawali, chief executive officer of Oman Shipping.
Last year, Oman Shipping secured $110m refinancing facility from Standard Chartered Bank for five tankers, including two VLCCs.