Asyad Shipping expands fleet with 3 new bulk carriers worth $209mn

15/04/2026 02:17 AST

Asyad Shipping Company has taken delivery of three Newcastlemax dry bulk carriers as part of its ongoing fleet expansion strategy, the company said in a disclosure to the Muscat Stock Exchange.

The vessels - Ain Garziz, Ain Razat and Ain Athum - are named after natural springs in Dhofar. All three vessels have been secured on long-term charter contracts, providing immediate revenue visibility.

The investment in the three new vessels was first announced by Asyad Shipping on September 28, 2025, with a total consideration of RO80.5mn ($209mn).

Each carrier has a capacity of 208,000 deadweight tonnes and is equipped with advanced environmental technologies, including an Exhaust Gas Cleaning System (EGCS) and a Ballast Water Treatment System (BWTS), the company said.

Ibrahim Al Nadhairi, Chief Executive Officer of Asyad Shipping, said the delivery of these Newcastlemax vessels marks a key milestone in the company's fleet expansion strategy.

"These additions enhance our position as a leading dry bulk operator in the region, while their long-term charter arrangements provide immediate and stable revenue visibility. We remain committed to disciplined growth, strengthening our global presence, and delivering long-term value to our shareholders," Al Nadhairi said.

According to Asyad Shipping's disclosure, two of the vessels will be recognised on the company's balance-sheet in the first quarter of 2026, while the third will be recorded in the second quarter.

Asyad Shipping said it remains committed to implementing a strict capital expenditure programme, prioritising value-accretive strategic investments to deliver value for its shareholders and stakeholders.

Listed on the Muscat Stock Exchange, Asyad Shipping is among the region's leading deep-sea transportation companies, operating a globally diversified fleet of around 90 vessels. The company serves more than 60 countries across key markets in Asia, the Middle East and North Africa through five core segments: crude, dry bulk, gas, liner and products.

Muscat Daily