Oman’s state-linked Asyad Shipping has reinforced its ambitions in the crude tanker market, confirming an order for three very large crude carriers (VLCCs) at South Korea’s Hanwha Ocean.
The owner, part of the Asyad Group logistics platform, said the contracts cover three 300,000 dwt newbuildings at a total value of about $388.5m. The vessels will be dual-fuel ready and equipped with shaft generators, scrubbers and other fuel-efficiency upgrades. Delivery is scheduled across 2028 and 2029.
The latest deal builds on Asyad’s earlier VLCC expansion at the same yard. In 2024, the company secured four VLCC newbuildings at Hanwha Ocean for roughly $130m each, taking advantage of early delivery slots originally earmarked for 2026 and early 2027.
Asyad Shipping chief executive Ibrahim Al-Nadhairi said the new contracts form a key pillar of the company’s fleet renewal strategy, enabling it to offer increased VLCC capacity while maintaining a younger, more fuel-efficient fleet.
Listed on the Muscat Stock Exchange, Asyad Shipping completed its initial public offering in early 2025, raising around $333m to support a broader $2.7bn investment programme focused on fleet modernisation and growth. The company has outlined plans to add about 30 vessels to its fleet, which currently numbers around 90 ships, including 12 owned VLCCs and six chartered-in crude tankers.
The Hanwha orders place Asyad alongside other major VLCC owners committing to new tonnage at the Korean yard, including DHT Holdings and Capital Maritime, controlled by Evangelos Marinakis.
The latest investment comes as Asyad continues to reshape its fleet profile. In December 2025, the company agreed to sell four partially owned LNG carriers—Ibra, Ibri, Nizwa and Salalah—all built around 20 years ago, for about $110m, with delivery to the new owner expected in the first quarter of 2026. Asyad said the divestment reflects increasing regulatory and commercial pressures on older vessels and underscores its strategy of recycling capital from ageing assets into modern, more efficient ships.
