Oman: Asyad Shipping adds new VLCC Awabi to fleet
MT Awabi is the second of two VLCCs acquired by Asyad Shipping under a deal first announced by the publicly listed company on April 30, 2025. MT Qurayyat, the first of the pair, was delivered on July 11, 2025.
Announcing the arrival of the latest VLCC, Asyad Shipping said in a filing to the Muscat Stock Exchange: 'The vessel has been named 'Awabi', in a gesture that reflects the Company's pride in the national identity and the landmarks of the Sultanate.'
Both Qurayyat and Awabi are second-hand sister ships built by China's Dalian Shipbuilding yard and delivered in 2019 and 2020, respectively. Each measures around 333 meters in length, with a maximum deadweight capacity of 308,000 tonnes, and features energy-saving and desulfurization systems.
Other acquisitions made by Asyad Shipping during the first half of this year include two newly built Product Tankers, lifting the company's total fleet strength to around 85 vessels spanning diverse cargo segments and categories.
According to company officials, Asyad Shipping plans to invest between $2.3 billion and $2.7 billion as part of its fleet expansion strategy, of which more than $1 billion has already been committed. New investments are planned in additional tankers scheduled to enter service in 2026 and 2027, including two LNG carriers, four crude oil carriers, and two product tankers.
Meanwhile, Asyad Shipping's total asset value climbed to RO 1.184 billion as of June 30, 2025, compared with RO 1.085 billion on December 31, 2024. The increase was attributed mainly to higher values of property, vessels and equipment, right-of-use assets, and trade receivables.
For the six-month period ended June 30, 2025, Asyad Shipping reported gross revenue of RO 164.6 million, down from RO 180.5 million in the corresponding period of 2024. 'This performance aligns with cyclic patterns of the shipping industry and prevailing market conditions,' noted Abdulrahman Salim Al Hatmi, Chairman of the Board of Directors, in the Directors' Report.
Net profit declined to RO 20.2 million, compared with RO 27.7 million a year earlier. Operating profit for the period stood at RO 32.3 million, down from RO 43.0 million in the first half of 2024.
Asyad Group – the integrated ports and logistics arm of Oman Investment Authority (OIA) – holds an 80 per cent stake in Asyad Shipping.
2025 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
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