Asyad Shipping sells 4 LNG vessels in fleet renewal move

12/01/2026 04:24 AST

Asyad Shipping Company has agreed to sell four of its partially owned liquefied natural gas (LNG) vessels as part of its ongoing fleet renewal strategy, the company said in a disclosure to the Muscat Stock Exchange on Sunday.

The vessels - Ibra, Ibri, Nizwa and Salalah - were built around 20 years ago and formed part of the company's original fleet, serving as core assets since Asyad Shipping's inception. The sale agreement was signed on December 23, 2025, for a total consideration of $110mn (approximately RO42.35mn).

Delivery to the new owner is expected during the first quarter of 2026, with proceeds to be received upon successful handover, the company said.

Asyad Shipping said the proceeds will be distributed to the relevant shareholders in proportion to their respective ownership interests in the vessels. The company added that it would notify the market once the transaction is completed.

In its disclosure, Asyad Shipping noted that the agreement to sell the four LNG vessels has been concluded at a value below the vessels' aggregate net book value as at December 31, 2025. Accordingly, the transaction is expected to result in an aggregate negative profit and loss impact of approximately RO20mn (approximately $51mn), of which a portion is attributable to non-controlling interests.

The company said the disposal reflects its efforts to optimise its fleet profile in light of the age of the vessels, older technology and the increasing regulatory and commercial challenges linked to the emissions performance of older ships in the current market environment.

Asyad Shipping said that these four vessels had previously been deployed under long-term time charter contracts of around 20 years and delivered strong financial and technical performance over their operational lives, providing reliable international LNG transportation services.

'Having considered these factors, management, the board of directors and the joint venture partners concluded that proceeding with the disposal at this time is commercially appropriate and aligned with Asyad Shipping's fleet renewal strategy,' the company added.

Muscat Daily