MUSCAT, JAN 14
Asyad Shipping, the national maritime transportation company of the Sultanate of Oman, has signed agreements for the construction of three Very Large Crude Carriers (VLCCs) from a leading South Korean shipyard at a cost of RO 149.6 million (approximately $388.5 million).
Publicly listed Asyad Shipping, part of the Asyad Group, announced in a filing on Wednesday, 14 January 2026, that it has inked a deal with Hanwha Ocean, one of South Korea’s ‘Big Three’ shipbuilders, to construct three VLCCs, each of 300,000 DWT. Significantly, all three newbuilds will be dual-fuel ready, meaning they can operate on conventional marine fuel today while being technically prepared for conversion to alternative, lower-carbon fuels in the future.
Additionally, the vessels will be constructed to the highest currently available specifications, including shaft generators and scrubbers, enhancing fuel efficiency and reducing overall energy consumption.
“We are pleased to have signed shipbuilding contracts with Hanwha Ocean for three new VLCCs. This investment is a key step in advancing our fleet renewal programme”, said Dr Ibrahim al Nadhairi, Chief Executive Officer, in a statement. “These vessels will feature cutting-edge technology and improved fuel efficiency, enabling us to offer customers greater VLCC capacity within a modern, young fleet. We remain committed to value-accretive strategic investments that deliver long-term benefits to our shareholders and stakeholders”.
Importantly, Hanwha Ocean — formed through the acquisition and renaming of Daewoo Shipbuilding & Marine Engineering (DSME) — currently has four other VLCCs on its orderbook under contracts awarded by Asyad Shipping in June 2024. These VLCCs, also of 300,000 DWT, are slated for delivery during 2026.
An ambitious fleet expansion and renewal strategy outlined by the company last year envisages investments of $2.3 billion to $2.7 billion through 2029 to grow its fleet across key segments of its diversified shipping portfolio. As of mid-2025, the company operated a fleet of 94 vessels across multiple commodity segments, comprising owned, leased and committed ships, up from 86 vessels at the end of 2024.
Last month, Asyad Shipping also disposed of its VLCC Saiq in a deal valued at RO 23 million ($60 million). The vessel, built in 2011, is expected to be delivered to its new owner in the first quarter of 2026.
Meanwhile, Asyad Shipping and its subsidiaries generated gross revenue of RO 336.4 million in 2025, compared with RO 366.1 million in 2024, reflecting an 8 per cent year-on-year decline. Time Charter Equivalent (TCE) revenue similarly eased by 4 per cent to RO 300.5 million, reflecting prevailing freight rate dynamics across key segments. EBITDA reached RO 205.4 million, slightly lower than the RO 216.8 million recorded a year earlier.
Net profit after tax rose by 9 per cent year-on-year to RO 56.0 million, compared with RO 51.6 million in 2024. The improvement was supported by partial reversals of prior-year vessel impairment provisions, including an impairment related to the recently sold VLCC Saiq, which resulted in a gain recognised in the profit and loss account. This positive impact was partially offset by additional impairment charges linked to the sale of four co-owned LNG vessels. As a result, net profit margin strengthened to 17 per cent, up from 14 per cent in the previous year.
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