Asyad Shipping bolsters fleet with 3 bulk carriers

MUSCAT, APRIL 14
Asyad Shipping, the majority state-owned global maritime transportation services provider, has added three dry bulk carriers to its vessel portfolio in line with an ambitious fleet expansion and renewal strategy targeting between $2.3 billion and $2.7 billion in new investments through 2029.
The three Newcastlemax-class vessels — Ain Garziz, Ain Razat and Ain Athum — named after prominent natural springs in Dhofar Governorate, have been secured on long-term contracts, the publicly listed company said in a regulatory filing to the Muscat Stock Exchange.
Originally built at Japanese shipyards, the vessels were acquired for a total consideration of RO 80.5 million ($209 million), following an investment decision announced last September.
Each vessel has a capacity of 208,000 deadweight tonnes and is equipped with an Exhaust Gas Cleaning System (EGCS) and a Ballast Water Treatment System (BWTS). They also feature energy-efficient hull designs and engines optimised for thermal and mechanical efficiency, ensuring compliance with International Maritime Organisation (IMO) environmental regulations.
Commenting on the acquisition, Dr Ibrahim al Nadhairi, CEO of Asyad Shipping, said: “The delivery of these Newcastlemax vessels marks an important milestone in our fleet expansion strategy. These additions enhance our position as a leading dry bulk operator in the region, while their long-term charter arrangements provide immediate and stable revenue visibility. We remain committed to disciplined growth, strengthening our global presence and delivering long-term value to our shareholders”.
The delivery comes on the heels of agreements signed earlier this year for the construction of three Very Large Crude Carriers (VLCCs) at a cost of RO 149.6 million (approximately $388.5 million). Hanwha Ocean, one of South Korea’s ‘Big Three’ shipbuilders, is currently building the three VLCCs, each with a capacity of 300,000 DWT. All three newbuilds will be dual-fuel ready, enabling operation on conventional marine fuel while allowing for future conversion to lower-carbon alternatives.
Also in January, Asyad Shipping announced the sale of four legacy LNG carriers that once played a central role in establishing Oman as a reliable LNG exporter. The partially owned vessels — Ibra, Ibri, Nizwa and Salalah — were built around two decades ago at a total investment cost of RO 42.35 million ($110 million). Earlier, the company had also disposed of its VLCC Saiq in a deal valued at RO 23 million ($60 million).
Part of Asyad Group, Asyad Shipping manages a diversified fleet of around 80 vessels across multiple segments, including crude tankers, product tankers, dry bulk carriers, gas carriers and container vessels. The company provides shipping, chartering and ship management services, supporting energy, bulk commodity and containerised trade flows across international markets.