MUSCAT, SEPTEMBER
Asyad Shipping, the majority Omani state-owned maritime transportation company, has ordered two additional medium-range (MR) product tankers from South Korea’s Hyundai Heavy Industries, expanding its newbuild programme to eight vessels as it positions for growing seaborne energy trade.
The shipbuilding contracts, signed on September 8, are valued at approximately RO 39.89 million ($103.6 million) and will be financed through a combination of existing cash and debt facilities, the publicly listed company said in a filing to the Muscat Stock Exchange (MSX).
The two vessels will be sister ships to the six MR product tankers ordered from Hyundai Heavy Industries in July. All eight vessels are scheduled for delivery in 2029.
Each of the two latest tankers will be deployed under a five-year time-charter agreement with a leading global energy company, providing Asyad Shipping with long-term contracted employment and greater earnings visibility.
The vessels will each have a deadweight capacity of approximately 49,999 tonnes and incorporate advanced, fuel-efficient shipbuilding technologies and designs, representing a new generation of MR product tankers.
Dr Ibrahim Al Nadhairi, Chief Executive Officer of Asyad Shipping, said the additional investment reflected the company’s strategy of deploying capital into modern, fuel-efficient assets backed by attractive commercial arrangements and strong counterparties.
“Together with the six sister vessels announced in July, they will enhance Asyad Shipping's reliability, resilience and ability to keep energy trade moving in a complex business environment,” Al Nadhairi said.
He added that the vessels would enable the company to capture opportunities arising from expanding seaborne trade and energy transportation demand while strengthening the competitiveness of its tanker fleet and delivering sustainable long-term shareholder value.
Oman Observer is now on the WhatsApp channel. Click here
