Oman's Asyad Shipping fleet to hit 112 ships by 2029

Observer

18-02-2025

MUSCAT: An ambitious fleet renewal plan unveiled by wholly Omani government-owned Asyad Shipping envisions the expansion of the fleet to a total of 122 vessels by 2029, up from 89 ships presently.
Details about this growth are outlined in the newly approved prospectus of the company's Initial Public Offering (IPO), which opens on the Muscat Stock Exchange (MSX) tomorrow, February 20, 2025. Around 20 per cent of Asyad Shipping's capital will be offered for public subscription over a weeklong period through to February 27, 2025, aimed at raising around RO 128 million from retail and institutional subscribers.
Earlier, Asyad Shipping – part of Asyad Group – had revealed that it plans to invest between $2.3 billion to $2.7 billion in new vessel acquisitions over the next five years, designed to solidify its position as the country's preeminent maritime transportation services provider.
At present, the fleet is made up of a diverse mix of 22 crude tankers (16 VLCCs - four of which are under order), 34 products tankers (27 MRs, two LR2s, two methanol carriers, two small tankers and one small chemical tanker), 18 dry bulk carriers (four VLOCs, eight Ultramax vessels, three Supramax vessels, two Handymax vessels and one Kamsarmax vessel), 10 gas carriers (eight LNG carriers (two of which are under order), one VLGC and one MGC), and five container vessels (two Handymax vessels, one Handysize vessel, one Supramax vessel and one Panamax vessel).
By 2029, the fleet will receive a significant makeover. Of the targeted fleet size of 122 vessels, 65 are proposed to be fully owned or co-owned, while the balance 47 will be chartered-in, according to Asyad Shipping.
In line with the company's dominant business line, a total of 13 crude carriers will be added to the fleet by 2029. Four of these Very Large Crude Carriers (VLCCs) are already on order from South Korean shipyards and are slated for delivery during 2026-2027. They will replace four existing vessels, while chartered-in VLCCs will be reduced by three. Thus, by 2029, the crude carrying business will be upgraded to a total of 21 fully owned or co-owned vessels and 3 chartered-in ships.
Products Shipping – another key part of Asyad Shipping's business – will see the acquisition of six additional vessels, disposal of three existing vessels, and reduction of four chartered-in ships. The renewed fleet in this segment will comprise of 15 chartered-in and 18 owned or co-owned vessels by 2029.
Dry Bulk Shipping, which serves Oman's large metallurgical sector, will be boosted with the addition of six vessels and charter-in of 15 more vessels. The total make-up of this segment, by 2029, will comprise 22 chartered-in and 17 owned or co-owned vessels.
The Gas Shipping segment - catering to the transportation of LNG, as well as LPG and NGLs - is poised to be bolstered via the acquisition of four vessels, two of which are already under construction. During the same period, five existing gas carriers will be disposed of, leaving a total fleet of six owned or co-owned Gas Shipping vessels.
The Liner Shipping business will grow by one vessel, while the chartered-in component will be increased by four ships, resulting in seven owned Liner Shipping vessels in five years.
'The Company believes its modern fleet is one of the key competitive advantages in the markets in which it operates, and it continually seeks to renew portions of its fleet to maintain the competitive profile of its vessels,' Asyad Shipping added.