Oman Shipping Co (OSC) wants to diversify from its LNG-carrier and tanker base into bulk and chemical-tanker activities but only if these prove commercially viable.

OSC announced recently that it had set up two 50-50 tanker-owning joint ventures, one in VLCCs and the other in long-range one (LR1) products tankers, with its long-standing partner in LNG shipping, Japanese owner Mitsui OSK Lines (MOL).
OSC officials told TradeWinds that one 308,000-dwt tanker has been contracted at Imabari Shipbuilding Co by the partners and one 75,000-dwt tanker is to be built at Minaminippon Shipbuilding Co in Japan. Both are set for 2008 delivery.
They say there is the intention to add one more VLCC and one more LR1 vessel in the future to the joint ventures.
The aim is to use the ships to lift Omani cargoes but the company also plans to fix them in the spot market or on longer-term time charters to gain experience in the business.
OSC commercial officer Anan Abdullatif said, "Oman Shipping Co is currently in the process of diversifying and expanding, and is looking to gain expertise in numerous areas of shipping, namely the petrochemical and bulk-carrier markets. Ultimately, we are open to any shipping venture that cultivates our shipping know-how and provides us with a good return on equity."
OSC has developed out of a relationship the Omani government formed with MOL on its LNG carriers in 2001, when it and the Japanese company joined forces in the wake of Enron's collapse.