Asyad Shipping Welcomes VLCC ‘Qurayyat’: Implications for Oman’s Maritime Industry and Investment Opportunities
MUSCAT, JULY 15 – Asyad Shipping Company SAOG, which is listed on the Muscat Stock Exchange (MSX) under the trading code ASCO, has announced the successful delivery of one of its two Very Large Crude Carriers (VLCCs) acquired earlier this year. The vessel, named "Qurayyat," was officially received on July 11, 2025, showcasing the company’s commitment to Oman’s heritage and coastal identity.
This announcement follows a prior market disclosure made on April 30, 2025, detailing the acquisition of both VLCCs for a total investment of $206 million. The delivery of the second vessel is anticipated soon, with shareholders and the broader market to be informed upon its arrival.
Each VLCC has a capacity of up to two million barrels, positioning them among the largest in the world. The acquisition is a strategic move aimed at enhancing Asyad Shipping’s capabilities in the global energy sector.
Emad bin Saeed Al Khaduri, Chief Commercial Officer of Asyad Shipping, was quoted by the Oman News Agency (ONA) on May 24, 2025, stating that this acquisition is part of a broader fleet expansion plan. He emphasized that the new tankers adhere to carbon neutrality standards, which supports the company’s sustainability objectives and strengthens its competitiveness in both regional and international markets.
As of April 2025, Asyad Shipping operated a fleet of 85 vessels, with plans for further growth across key sectors including crude oil, liquefied natural gas (LNG), ethylene, ammonia, and oil derivatives. The company also employs flexible commercial models, offering a range of short- and long-term contracts alongside spot agreements to cater to fluctuating market demands.
According to Al Khaduri, Asyad Shipping plans to invest between $2.3 and $2.7 billion as part of its expansion strategy, having already allocated over $1 billion. The investment pipeline includes the introduction of additional vessels in 2026 and 2027, comprising two LNG carriers, four crude oil carriers, and two product tankers.
With operations extending internationally, particularly through its trade office in Singapore, Asyad Shipping managed and operated 38 tankers in 2024, highlighting its operational efficiency and leadership within the global maritime industry.
Special Analysis by Omanet | Navigate Oman’s Market
The recent acquisition of two Very Large Crude Carriers by Asyad Shipping signals a pivotal moment for businesses in Oman, enhancing the country’s stature in the global energy sector. This strategic investment not only offers opportunities for growth but also poses risks, as increased competition in the maritime industry may challenge local players. Smart investors should focus on innovative partnerships and sustainability initiatives to capitalize on Asyad’s expansion while adapting to potential market shifts.
