Asyad signs RO40mn shipbuilding contracts for two product tankers

14/09/2026 04:28 AST

Asyad Shipping Company has signed shipbuilding contracts worth approximately RO39.89mn with South Korea's Hyundai Heavy Industries Co for the construction of two Medium Range (MR) product tankers, further expanding its fleet under long-term charter arrangements.

The contracts were signed on September 8, 2026, and will be financed through a combination of existing cash and debt financing, in line with the company's normal course of business, Asyad Shipping said in a disclosure to the Muscat Stock Exchange.

The two vessels are sister ships to the six MR product tankers ordered by Asyad Shipping in July, taking the total number of vessels in the series to eight.

Each of the two new tankers will be deployed under a five-year time-charter contract with a leading global energy company. The vessels are scheduled for delivery in 2029, the company said.

"Following the successful order of six MR tankers earlier this year, we are pleased to further expand our fleet with two additional sister vessels supported by long-term charter employment," said Dr Ibrahim Al Nadhairi, Chief Executive Officer of Asyad Shipping.

"This transaction reflects our strategy of investing in modern, fuel-efficient assets where growth is underpinned by attractive commercial arrangements and strong counterparties. As we look ahead to their delivery in 2029, these vessels will strengthen our ability to support our customers' evolving requirements, enhance earnings visibility, and reinforce the competitiveness of our tanker fleet."

Each vessel will have a deadweight capacity of approximately 49,999 DWT and will incorporate advanced, fuel-efficient shipbuilding technologies and designs, according to the company.

Al Nadhairi said the vessels ordered this year would strengthen Asyad Shipping's reliability and resilience while enabling it to capture opportunities from growing seaborne trade and energy transportation demand.

Asyad Shipping operates a globally diversified fleet of approximately 90 vessels and serves customers in more than 60 countries. Its operations span five business segments - crude, dry bulk, gas, liner and products - giving the company exposure to major energy and commodity trade routes across Asia, the Middle East and North Africa.

Muscat Daily