Oman’s Asyad Shipping has strengthened its fleet expansion strategy by placing an order for six medium-range (MR) product tankers at HD Hyundai Heavy Industries in South Korea, in a deal valued at approximately OMR 119 million (US$308 million).
According to a filing with the Muscat Stock Exchange, the six 49,999 dwt product tankers are scheduled for delivery from 2029 onwards. The vessels will be equipped with advanced eco-friendly design features and enhanced fuel-efficiency technologies, supporting the company’s commitment to sustainable and efficient shipping operations.
In a significant commercial development, Asyad Shipping has also secured five-year time charter agreements for all six vessels with a leading global energy company, ensuring long-term employment for the ships immediately upon delivery.
Commenting on the investment, Chief Executive Officer Ibrahim Al-Nadhairi said the newbuildings align with the company’s disciplined capital allocation strategy while reflecting confidence in the long-term outlook for the global product tanker market. He noted that the vessels’ advanced environmental specifications would enhance operational efficiency and support the company’s sustainability objectives.
The latest order marks another milestone in Asyad Shipping’s ongoing fleet growth following its successful listing on the Muscat Stock Exchange last year. The company has been actively expanding across multiple vessel segments to strengthen its position in international shipping markets.
Earlier this year, Asyad entered the Kamsarmax dry bulk segment through the acquisition of two 2023-built 85,000 dwt bulk carriers for approximately US$73 million. In May, the company further expanded its dry bulk portfolio by purchasing two 100,309 dwt baby cape bulk carriers for around US$75.8 million, both secured with three-year time charter agreements to a leading international dry bulk operator.
With a diversified fleet of around 90 vessels, Asyad Shipping continues to expand its presence across tanker, dry bulk, gas carrier and container shipping segments while reinforcing its focus on sustainable growth and long-term earnings visibility.