Oman’s ASYAD Group has announced the integration of Oman Shipping Company (OSC) and Oman Drydock Company (ODC), while OSC has acquired two additional modern Ultramax ships.
ASYAD said the move was in alignment with the group’s strategy to offer integrated and highly efficient services to cement its competitiveness across global markets and maximise the returns of Oman’s logistics sector.
“The integration further connects the Sultanate’s shipping services in a comprehensive marine offering which meets the group’s aspirations of providing global markets with end-to-end logistics solutions,” stated ASYAD Group.
“This is part of ASYAD’s strategic plan to elevate group-wide operational efficiency and consolidate complementing business activities.
“These actions follow similar steps executed previously by the group, such as the consolidation of Oman National Transport Company and the National Ferries Company (NFC) to standardise and unify the public transport services.
ASYAD has merged also Duqm Development Company SAOC (DDC) into Oman Drydock Company (ODC), to lower operational costs and accelerate business activities.
Recently, as part of its plans to enable private sector involvement, ASYAD Group transferred the business activities of Oman Logistics Company to a private company as the master developer of Khazaen Economic City.
Abdulrahman Salim Al Hatmi, CEO of ASYAD Group, said: “This move towards integration aims to raise the group’s efficiency and boost its economic and financial performance; ensuring its commercial sustainability and agility, while contributing to the national economy. We strive to advance the government’s diversification plans – increasing economic prosperity while supporting the private sector in the Sultanate.
“Our Group’s main objective is to fortify the Sultanate’s position as a logistic gateway to MENA markets, placing ASYAD Group as the first choice for customers requiring globally-proven, integrated and trusted services.
“The group is constantly reviewing its operational, commercial and financial performance to remain adaptive to macro developments and keep pace with industrial trends nationally, regionally and globally,” Al Hatmi concluded.
Meanwhile, Oman Shipping Company (OSC) has acquired two additional modern Ultramax ships of 64,000 dwt as part of its dry cargo expansion programme.
The two vessels ships (SBI TAURUS and TR OMAHA) will be operational from the point of delivery, which is due to take place in April and May 2020.
The ships will be renamed JABAL SAMHAN and JABAL AL KAWR to in honour of the Omani Mountains and their rich mineral deposits.
The ships will take OSC’s total dry bulk Ultramax fleet to six vessels, and OSC’s total operating fleet to 55 vessels, which include LNG carriers, LPG carriers, VLCCs, tankers, VLOCs, dry cargo, and container ships.
“These new deliveries reflect OSC’s ongoing efforts to expand its dry bulk business activities and contribute to the development of Oman’s mining industry and provide shipping solutions to Oman’s dry bulk imports and exports,” stated OSC, part of the ASYAD Group.
“From our perspective, this is an opportune time to acquire assets, given current market conditions, and we’re pleased with the outcome of our negotiations. We will explore opportunities for further acquisitions during the course of 2020.
“Oman Shipping Company continues to play an important role within ASYAD Group, providing its global customers with integrated market-leading logistics solutions. The company also works towards expanding international shipping lines to connect Omani ports with global markets.”