Asyad orders two more MR tankers for US$103.6M
The order is part of Asyad Shipping’s fleet renewal program, which targets new investments of US$2.3 billion to US$2.7 billion through 2029.
OMAN – Asyad Shipping Company has signed shipbuilding contracts with South Korean shipbuilder Hyundai Heavy Industries for two additional medium-range product tankers worth approximately US$103.6 million, according to a filing with the Muscat Stock Exchange.
The contracts were signed on September 8 for a total consideration of approximately US$103.6 million, funded with a mix of existing cash and debt.
The two 49,999 dwt vessels are sister ships to the six MR tankers announced on July 8, 2026, bringing Asyad’s total MR tanker order with Hyundai to eight vessels.
Charter arrangements and delivery
Each vessel will be deployed on a five-year time-charter contract with a global energy company, with deliveries scheduled for 2029. The charter-backed structure provides predictable earnings and supports the company’s investment case.
Dr. Ibrahim Al-Nadhairi, chief executive officer of Asyad Shipping, said: “Following the successful order of six MR tankers earlier this year, we are pleased to further expand our fleet with two additional sister vessels supported by long-term charter employment. This transaction reflects our strategy of investing in modern, fuel-efficient assets where growth is underpinned by attractive commercial arrangements and strong counterparties.”
“As we look ahead to their delivery in 2029, these vessels will strengthen our ability to support our customers’ evolving requirements, enhance earnings visibility, and reinforce the competitiveness of our tanker fleet.”
Fleet expansion context
The order is part of Asyad Shipping’s fleet renewal program, which targets new investments of US$2.3 billion to US$2.7 billion through 2029. In May 2026, the company named two LNG carriers, Muscat LNG and Musandam LNG, and inaugurated the oil tanker Bidbid.
Meanwhile, in April 2026, it added three Newcastlemax dry bulk carriers acquired for RO 80.5 million (approximately US$209 million).
Earlier in 2026, Asyad signed an agreement with Hanwha Ocean for three 300,000-deadweight-ton Very Large Crude Carriers valued at RO 149.6 million (about US$388.5 million).
“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 while capturing opportunities arising from growing seaborne trade and energy transportation demand,” Al-Nadhairi said.
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