Asyad Shipping’s RO 149.6 Million Investment in Next-Gen VLCCs: What It Means for Oman’s Maritime Business Growth
MUSCAT, JANUARY 14 – Asyad Shipping, the Sultanate of Oman’s national maritime transportation company, has signed agreements with a leading South Korean shipyard for the construction of three Very Large Crude Carriers (VLCCs) valued at RO 149.6 million (approximately $388.5 million).
In a filing released on Wednesday, 14 January 2026, Asyad Shipping, a publicly traded entity within the Asyad Group, confirmed its contract with Hanwha Ocean—one of South Korea’s top three shipbuilders—to build three VLCCs, each with a deadweight tonnage (DWT) of 300,000. Importantly, these vessels will be dual-fuel ready, allowing operation on conventional marine fuels now while being technically equipped for future conversion to alternative, lower-carbon fuels.
The new ships will also be built to the highest available standards, including shaft generators and scrubbers, which improve fuel efficiency and reduce energy consumption.
Dr. Ibrahim Al Nadhairi, Chief Executive Officer of Asyad Shipping, stated, “We are pleased to have signed shipbuilding contracts with Hanwha Ocean for three new VLCCs. This investment marks a significant step in advancing our fleet renewal programme. These vessels will incorporate cutting-edge technology and enhanced fuel efficiency, enabling us to offer greater VLCC capacity with a modern, younger fleet. We remain focused on value-accretive strategic investments that deliver long-term benefits to our shareholders and stakeholders.”
Hanwha Ocean, formerly known as Daewoo Shipbuilding & Marine Engineering (DSME), currently has four additional VLCCs for Asyad Shipping under contract since June 2024. These vessels, also of 300,000 DWT, are scheduled for delivery during 2026.
Asyad Shipping’s ambitious fleet expansion and renewal plan, announced last year, involves investments between $2.3 billion and $2.7 billion through 2029 to grow its diverse shipping portfolio. By mid-2025, the company operated 94 vessels across various commodity segments—including owned, leased, and committed ships—up from 86 vessels at the end of 2024.
In December 2025, Asyad Shipping sold the VLCC Saiq for RO 23 million ($60 million). Built in 2011, the vessel is expected to be delivered to its new owner in the first quarter of 2026.
Financially, Asyad Shipping and its subsidiaries reported gross revenue of RO 336.4 million in 2025, an 8% decline from RO 366.1 million in 2024. Time Charter Equivalent (TCE) revenue also fell by 4% to RO 300.5 million, reflecting current freight rate conditions. EBITDA stood at RO 205.4 million, slightly below the RO 216.8 million recorded the previous year.
Net profit after tax, however, rose by 9% year-on-year to RO 56.0 million, compared to RO 51.6 million in 2024. This increase was partly due to the reversal of prior impairment provisions on vessels, including a gain related to the sold VLCC Saiq, offset in part by additional impairments linked to the sale of four co-owned LNG vessels. Consequently, the net profit margin improved to 17%, up from 14% in 2024.
Asyad Shipping’s latest shipbuilding contracts reinforce its commitment to modernizing its fleet with an emphasis on sustainability and efficiency, positioning the company strongly for future growth.
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Asyad Shipping’s strategic investment in three state-of-the-art dual-fuel VLCCs underscores Oman’s commitment to modernizing its maritime fleet with an eye on environmental sustainability and operational efficiency. This expansion presents فرص نمو كبيرة for Oman’s maritime sector, attracting investors who prioritize long-term value in green shipping technologies. However, businesses must also navigate the complexities of fluctuating freight rates and global shipping demand to fully capitalize on this evolving landscape.
