19/01/2026 11:01 AST
Oman's Asyad Shipping Company announced that it has signed shipbuilding contracts with South Korean shipbuilder Hanwha Ocean for the construction of three Very Large Crude Carriers (VLCCs).
The agreements were signed on January 14, 2026 for three VLCC vessels equipped with advanced technology, at a total consideration of RO149.6mn (approximately $388.5mn), the company said in a disclosure filed with the Muscat Stock Exchange.
The vessels are expected to be delivered during 2028-29. Asyad Shipping said it would update the market upon delivery of the vessels.
Dr Ibrahim al Nadhairi, Chief Executive Officer of Asyad Shipping, said, "We are pleased to have signed shipbuilding contracts with Hanwha Ocean for three new VLCCs. This investment represents a key step in advancing our fleet renewal programme. These vessels will feature cutting-edge technology and enhanced fuel efficiency, enabling us to offer customers greater VLCC capacity within a modern and young fleet. We remain committed to value-accretive strategic investments that deliver long-term benefits to our shareholders and stakeholders."
Each of the three new VLCCs will have a capacity of 300,000 deadweight tonnes (DWT). The vessels will be dual-fuel ready and built to the highest currently available specifications, including shaft generators and scrubbers, which will reduce energy consumption and improve fuel efficiency, the company said.
Hanwha Ocean has been awarded the contract to construct the vessels. The shipbuilder is also constructing four VLCCs for Asyad Shipping, scheduled for delivery in 2026, as previously disclosed in the company's IPO prospectus.
Earlier this month, Asyad Shipping announced that it had agreed to sell four of its partially owned liquefied natural gas (LNG) vessels as part of its ongoing fleet renewal strategy.
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 its 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 in the first quarter of 2026, with proceeds to be received upon successful handover, the company said.
Asyad Shipping had said that the proceeds would be distributed to the relevant shareholders in proportion to their respective ownership interests in these four vessels, and that the market would be notified once the transaction is completed.
Listed on the Muscat Stock Exchange, Asyad Shipping is one of the leading players in deep-sea transportation in Oman. With a strategically located and globally diversified fleet of around 90 vessels, the company serves more than 60 countries and is well positioned to supply high-growth markets such as Asia, the Middle East and North Africa.
Asyad Shipping has been operating for over 20 years and serves blue-chip customers through its five business segments: Crude, Dry Bulk, Gas, Liner and Products.
Muscat Daily
Please wait...
