Asyad Shipping Expands Fleet with 3 Bulk Carriers: What This Means for Oman’s Shipping and Trade Opportunities
MUSCAT, APRIL 14 — Asyad Shipping, a majority state-owned leader in global maritime transportation services, has expanded its fleet by acquiring three Newcastlemax-class dry bulk carriers as part of its ambitious strategy to invest between $2.3 billion and $2.7 billion in fleet expansion and renewal through 2029.
The newly added vessels — Ain Garziz, Ain Razat, and Ain Athum — named after prominent natural springs in Dhofar Governorate, have been secured under long-term contracts, the publicly listed company disclosed in a regulatory filing to the Muscat Stock Exchange.
Built originally at Japanese shipyards, these ships were purchased for a total of RO 80.5 million ($209 million), following an investment decision announced in September last year. Each vessel has a capacity of 208,000 deadweight tonnes and is equipped with advanced environmental technology, including an Exhaust Gas Cleaning System (EGCS) and a Ballast Water Treatment System (BWTS). Their energy-efficient hull designs and engines optimized for thermal and mechanical performance ensure compliance with International Maritime Organization (IMO) environmental standards.
Dr. Ibrahim Al Nadhairi, CEO of Asyad Shipping, commented on the acquisition: “The delivery of these Newcastlemax vessels marks a significant milestone in our fleet expansion strategy. These additions strengthen our position as a leading dry bulk operator in the region, while their long-term charter agreements offer immediate and stable revenue visibility. We remain committed to disciplined growth, expanding our global footprint, and delivering lasting value to our shareholders.”
This delivery follows earlier agreements signed in 2024 for the construction of three Very Large Crude Carriers (VLCCs), to be built at a cost of RO 149.6 million ($388.5 million). The VLCCs, each with a capacity of 300,000 DWT, are under construction by Hanwha Ocean, one of South Korea’s top three shipbuilders. These vessels will be dual-fuel ready, capable of operating on conventional marine fuel with provision for future transition to lower-carbon alternatives.
In January, Asyad Shipping announced the sale of four legacy LNG carriers— Ibra, Ibri, Nizwa, and Salalah — which had been instrumental in establishing Oman’s reputation as a reliable LNG exporter. These vessels, partially owned by the company and built about 20 years ago, were acquired at a total cost of RO 42.35 million ($110 million). Earlier, the company also sold its VLCC Saiq in a transaction valued at RO 23 million ($60 million).
As part of the Asyad Group, Asyad Shipping manages a diverse fleet of approximately 80 vessels spanning crude tankers, product tankers, dry bulk carriers, gas carriers, and container vessels. The company offers comprehensive shipping, chartering, and ship management services, supporting energy, bulk commodity, and containerized trade flows in international markets.
Special Analysis by Omanet | Navigate Oman’s Market
Asyad Shipping’s strategic fleet expansion, including the acquisition of eco-friendly Newcastlemax dry bulk carriers and investment in dual-fuel ready VLCCs, signals Oman’s commitment to sustainable maritime growth and regional leadership in shipping. For businesses, this presents new opportunities in green logistics and long-term stable revenue streams, while investors should focus on the company’s disciplined growth and potential returns driven by modernized, environmentally compliant assets. Entrepreneurs in related sectors should consider aligning with Oman’s expanding maritime infrastructure to leverage emerging market demands.
