Oman Shipping Company’s VLCC FIDA Joins VL8 Pool

Oman Shipping Company’s (OSC) 317,000 DWT, 2011 Built, Very Large Crude Carrier (VLCC) “FIDA” is the latest and 12th vessel to join the VL8 Pool.

The VL8 pool is a joint venture company between NAVIG8, Oman shipping Company and VTN, formed in 2010 with sole purpose of commercially managing modern, fuel efficient, high quality VLCCs in the international market offering safe, timely and competitive transportation solutions. The pool started operations in October 2010, with the new build 300,000 DWT VLCC “SAHAM”. Subsequently, two sister VLCCs, “SAIQ” and “SAMAIL”, joined the pool in 2011. All of these 3 VLCCs are owned by OSC, built by Universal Shipbuilding Corporation, in Ariake, Japan, and are technically managed by Oman Ship Management Company, in Muscat, Oman.

Since the beginning of January this year, 9 additional vessels have been added to the pool. Two 2012 built, 317,000 DWT VLCCs, “AS SUWAYQ” and “HABRUT” are sister ships delivered from Daewoo Shipbuilding and Marine Engineering, South Korea, and one 2012 built, 317,000 DWT VLCC “DABA” (“H” Class) was delivered from Hyundai Heavy Industries, South Korea. Three 2008/9 Built, 317,000 DWT VLCCs, “MARBAT”, “MANAH” and “MAZYONAH”, built by Samsung Heavy Industries, South Korea were delivered into the Pool on 1st January. Two further 2011 built “H” Class VLCCs, “SIFA” and “FIDA” have also joined the Pool this month, with “FIDA” being the latest on 30th January 2012 at Fujairah. All these VLCCS are owned 100% by OSC, and are technically managed by International Tanker Management (ITM), in Dubai. The average age of Pool vessels is 1.5 years.

VL8 Managers are in advanced discussions with other VLCC ship owners to add additional tonnage to the Pool in the coming months. The expansion of the fleet underpins the Pool’s strong performance in a difficult market. Ugo Romano, Pool Director of Dubai says “We see growing interest from third party owners, and Navig8 are determined to see VL8 developing into a major player in the VLCC market. Debasish Mahapatra, General Manager Tankers for OSC says “Combining OSC’s VLCC tonnage in the Pool will allow the Pool to broaden its trading scope with some of the most modern and fuel efficient vessels available in the market today, giving the best opportunity for good returns to current and future VL8 Pool participants.”