Asyad Shipping Expands Fleet with New VLCC Awabi: Implications for Maritime Trade and Investment in Oman
مسقط: Asyad Shipping, the majority Omani state-owned maritime transportation company, has strengthened its crude shipping capabilities with the acquisition of a new Very Large Crude Carrier (VLCC), increasing its VLCC fleet to 18 vessels.
The latest addition, MT Awabi, is the second of two VLCCs acquired in a deal initially announced by the publicly listed company on April 30, 2025. The first vessel, MT Qurayyat, was delivered on July 11, 2025.
In a statement to the Muscat Stock Exchange regarding the new arrival, Asyad Shipping announced, “The vessel has been named ‘Awabi’ in a gesture that reflects the Company’s pride in the national identity and landmarks of the Sultanate.”
Both Qurayyat and Awabi are second-hand sister ships built by Dalian Shipbuilding Industry Company in China and were delivered in 2019 and 2020, respectively. Each vessel measures approximately 333 meters in length, has a maximum deadweight capacity of 308,000 tonnes, and includes energy-saving features as well as desulfurization systems.
During the first half of this year, Asyad Shipping also acquired two newly constructed product tankers, bringing its total fleet to around 85 vessels across various cargo segments.
Company officials indicated that Asyad Shipping plans to invest between $2.3 billion and $2.7 billion in fleet expansion, with over $1 billion already committed. Future investments will include additional tankers scheduled for service in 2026 and 2027, comprising two LNG carriers, four crude oil carriers, and two product tankers.
As of June 30, 2025, Asyad Shipping’s total asset value rose to RO 1.184 billion, up from RO 1.085 billion on December 31, 2024. This increase is primarily due to higher valuations of property, vessels, equipment, right-of-use assets, and trade receivables.
For the six-month period ending June 30, 2025, Asyad Shipping reported gross revenue of RO 164.6 million, down from RO 180.5 million during the same period in 2024. Abdulrahman Salim Al Hatmi, Chairman of the Board of Directors, noted in the Directors’ Report that this performance aligns with the cyclical patterns of the shipping industry and current market conditions.
Net profit declined to RO 20.2 million, compared to RO 27.7 million a year earlier, while operating profit for the period was RO 32.3 million, down from RO 43.0 million in the first half of 2024.
Asyad Group, the integrated ports and logistics arm of Oman Investment Authority (OIA), holds an 80% stake in Asyad Shipping.
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The acquisition of two new Very Large Crude Carriers (VLCCs) by Asyad Shipping significantly enhances Oman’s maritime capacity, positioning the nation as a stronger player in the global crude logistics sector. This expansion presents فرصتهایی برای کسبوکارهای محلی in related industries, such as shipbuilding and maintenance, while also creating potential خطرات related to fluctuating market demands and global oil prices. سرمایهگذاران هوشمند should consider aligning their strategies with Asyad’s growth plans, particularly in logistics and energy sectors, to capitalize on the evolving maritime landscape.
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