Asyad Shipping secures food cargo support

MUSCAT, JULY 1
Asyad Shipping will receive government support covering 50 per cent of fuel and insurance costs for eligible food cargo shipments on the India-Oman trade route for up to six months, the company said in a disclosure to the Muscat Stock Exchange.
The initiative, effective immediately, is aimed at strengthening national food security, improving supply chain resilience and moderating logistics costs for essential food imports into the Sultanate of Oman.
Asyad Shipping said the benefit would be passed on to qualifying customers transporting eligible food cargoes, helping reduce shipping costs for basic food products entering the country through regular container liner services.
The company currently operates one container liner vessel on the India-Oman route. It said the programme was expected to have a positive impact on its container shipping segment during the subsidy period, while the financial impact was still being assessed and would be reflected in its financial reporting where applicable.
Dr Ibrahim al Nadhairi, Chief Executive Officer of Asyad Shipping, said the company was proud to support the Government of Oman’s food security objectives.
“ We are proud to play our part in supporting the Government of Oman’s food security objectives and contribute to the reliable supply of essential goods to the Sultanate. As Oman’s national shipping carrier, we remain committed to providing dependable maritime transport solutions that strengthen supply chains and support the nation’s long-term economic goals over the duration of the programme,' he said.
The support comes as Oman continues to place food security, trade connectivity and logistics resilience at the centre of its economic planning, particularly for essential imports and maritime routes linking the Sultanate of Oman with key regional trading partners.
Asyad Shipping said its regular container services connecting Oman with regional partners positioned it to support the implementation of the programme and contribute to national food security objectives.
Listed on the Muscat Stock Exchange under the symbol ASCO, Asyad Shipping is one of Oman’s leading deep-sea transportation companies. It operates a diversified fleet of about 90 vessels and serves more than 60 countries, including markets in Asia, the Middle East and North Africa.
The company has been operating for more than 20 years and serves customers across five business segments: crude, dry bulk, gas, liner and products.