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Asyad Shipping’s Multi-Billion-Dollar Growth Strategy: Implications for Investors and Business Expansion in Oman

Asyad Shipping’s Multi-Billion-Dollar Growth Strategy: Implications for Investors and Business Expansion in Oman

MUSCAT, AUG 29 — Asyad Shipping, the majority state-owned national maritime transportation company, has reaffirmed its commitment to an ambitious growth strategy aimed at investing billions of dollars in expanding its fleet over the coming years.

This announcement was made by senior executives during a recent conference call with market analysts, which highlighted the company’s financial and operational performance for the first half of this year. Key participants included Dr. Ibrahim al Nadhairi, CEO; Imad al Khaduri, Chief Commercial Officer; and Ahmed al Shukaili, Senior Vice President of Finance.

Dr. al Nadhairi stated, “We have a clear growth strategy, prioritizing expansion in key segments. Our investment plan, estimated between $2.3 billion and $2.7 billion through 2029, is firmly on track. Over the past six months, we have demonstrated this commitment by investing more than $250 million in acquiring new vessels as part of our capital expenditure in H1 2025, highlighting our robust growth trajectory.”

Asyad Shipping, which is publicly traded and part of the Asyad Group, currently operates a fleet of 94 ships across various commodity segments. This fleet has expanded from 86 vessels as of December 31, 2024, following the addition of two Very Large Crude Carriers (VLCCs), MT Awabi and MT Qurayyat, each capable of carrying up to 308,000 tonnes.

During the call, Asyad Shipping officials provided an overview of the market outlook for different segments and outlined plans for fleet expansion. On the gas side, specifically for LNG vessels, two new ships are set to join the fleet in 2026 under a long-term charter with Oman LNG. Currently, the company owns seven LNG ships and has an additional vessel for local operations.

In terms of crude shipping, Asyad Shipping owns 12 vessels and aims to replace older ships with newer ones, with six new deliveries expected in 2025 and four more in 2026. Additionally, four crude carriers have been sourced from the market.

In the tanker sector, particularly for medium-range (MR) tankers, the company owns 15 vessels and has leased 23 more from the market, serving both western and eastern markets for clean petroleum products. Two additional MR tankers will join the fleet in 2026 under contract for methanol trade between Oman and the West, in partnership with Omani integrated energy group OQ.

In dry bulk shipping, Asyad Shipping operates 11 owned ships and leases six. Imad al Khaduri noted, “Our strength in the VLOC category provides us with flexibility for chartering. Our Ultramax and Kamsarmax vessels facilitate regional trade, transporting commodities from the Arabian Gulf to Asia and importing bauxite from Australia to Oman. The dry bulk trade is influenced by varying commodities and charter arrangements.”

In the liner segment, favorable charter rates have allowed the company to profitably lease out its owned and rented vessels. Asyad Shipping has been operating under an NVOCC (Non-Vessel Operating Common Carrier) model to optimize container utilization. However, in the coming months, the company plans to return to operating chartered-in vessels as three owned ships are phased out, with plans to acquire additional ships at competitive prices to sustain operations.

Dr. al Nadhairi concluded, “At ASCO, we currently have a strong backlog of $1.7 billion in contracted revenues across the five segments we operate in — gas, crude, tankers, products, dry bulk, and containers. This provides us with significant visibility for the future.”


Special Analysis by Omanet | Navigate Oman’s Market

As Asyad Shipping embarks on a multi-billion dollar investment to expand its fleet, businesses in Oman should consider the increased capacity for maritime trade, which could strengthen the supply chain and enhance export opportunities. This presents significant potential for investors and entrepreneurs to engage in logistics and maritime services amid growing demand across key segments. However, stakeholders should also remain vigilant to potential market fluctuations that may emerge with rapid fleet expansion.

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