Asyad Shipping signs US$308M Hyundai deal for six MR tankers
This acquisition is part of a broader multi-billion-dollar strategy to modernize the company’s capabilities.
OMAN – Asyad Shipping, the majority state-owned Omani maritime transportation company, has signed contracts worth approximately US$308 million to construct six medium-range (MR) product tankers with South Korean shipbuilding giant Hyundai Heavy Industries, marking another major milestone in its long-term fleet expansion strategy.
The company, part of Asyad Group and listed on the Muscat Stock Exchange (MSX), disclosed the investment in a market filing on July 9.
Alongside the shipbuilding contracts, Asyad Shipping also announced that all six vessels have been secured under five-year time-charter agreements with a leading global energy company, providing long-term employment for the newbuilds from delivery in 2029.
Each vessel will have a deadweight capacity of approximately 49,999 tonnes and will incorporate the latest generation of fuel-efficient shipbuilding technologies and environmentally advanced design features.
Strategic Vision and Fleet Modernization
These new vessels are already backed by five-year charter agreements with a global energy firm, ensuring they are immediately employed upon delivery in 2029.
This acquisition is part of a broader multi-billion-dollar strategy to modernize the company’s capabilities, which recently included the addition of LNG carriers, dry bulk vessels, and large crude carriers.
The latest order forms part of Asyad Shipping’s ambitious fleet renewal and expansion programme, targeting new investments of between US$2.3 billion and US$2.7 billion through 2029.
Therefore, by integrating environmentally conscious designs and dual-fuel systems, the company aims to strengthen its role in the international fuel supply chain.
Industry Leadership and Environmental Compliance
Dr Ibrahim Al-Nadhairi, Chief Executive Officer, said: “We are delighted to partner with Hyundai on the construction of six MR tankers, with advanced eco-design specifications and enhanced fuel efficiency. Supported by long-term charter arrangements with a leading global energy Company, this investment reflects our disciplined approach to capital allocation and our confidence in the long-term fundamentals of the product tanker market.“
Medium-range product tankers are primarily used to transport refined petroleum products between refineries, storage terminals and end markets. Typically ranging from 45,000 to 55,000 deadweight tonnes, these vessels are valued for their flexibility in serving a wide range of ports and for supporting regional and international fuel supply chains through reliable, cost-effective transportation.
In the end, this strategic expansion is a calculated effort to position Oman as a technologically advanced and competitive player in the global shipping market, while Asyad Shipping maintains a focus on operational excellence and environmental responsibility.
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