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Observer
08-05-2025
- Business
- Observer
Total assets of Asyad Shipping top RO 1.1 billion
MUSCAT, MAY 8 Total assets of Asyad Shipping Company SAOG, Oman's majority government-owned maritime transportation company, has recorded a rise in the valuation of its assets to RO 1.099 billion at the end of Q1 2025, up from RO 1.085 billion at the end of 2024 – a growth driven by an increase in property, vessels and equipment, right of use assets and trade receivables. Announcing its maiden financial results for Q1 2025 – the first since the company's successful listing on the Muscat Stock Exchange (MSX) in March following the completion of its Initial Public Offering (IPO) – Asyad Shipping also witnessed an increase in the size of its diversified ocean-going transportation fleet. 'During the first quarter of 2025, two newly built Product Tankers had been acquired that are under construction where the first installment was paid for in Q1 2025; Furthermore, we have made an additional payment related to one of the newly built LNG vessels acquired in 2023,' Abdulrahman Salim Al Hatmi, Chairman of the Board of Directors - Asyad Shipping Company SAOG, noted in the Directors' report for the quarter. Owned 80 per cent by Asyad Group, the Oman-based global integrated logistics enterprise, Asyad Shipping currently operates a fleet of 86 vessels, of which 47 are owned or co-owned, 33 are chartered-in and 6 are under order. The fleet comprises: 22 crude tankers (including 16 VLCCs, four Suezmax vessels and two Aframax vessels); 32 products tankers (26 MRs, two LR2s, two methanol carriers, one small tanker and one small chemical tanker); 17 dry bulk carriers (four VLOCs, nine Ultramax vessels, two Supramax vessels and two Kamsarmax vessels); 10 gas carriers (eight LNG carriers, one VLGC and one MGC); and Five container vessels (two Handymax vessels, one Handysize vessel, one Supramax vessel and one Panamax vessel). A further six new vessels, currently under construction at Korean shipyards, are set to join the fleet over the next two years. Asyad Shipping and its associated ship management and charter companies reported a net profit of RO 11.4 million for Q1 1025, compared to RO 12.8 million for the same period in 2024. Gross revenue amounted to RO 83.8 million, which was slightly lower than the RO 86.4 million recorded in Q1 2024. Parent holding company Asyad Group – part of Oman Investment Authority (OIA) – continues to leverage its expansive presence encompassing the ports, shipping and maritime, land and coastal transportation, and logistics segments, to reinforce the country's appeal as a logistics hub. 'Asyad Group is committed to positioning the Sultanate of Oman as a global logistics gateway and a regional distribution hub for international trade,' commented Abdulrahman al Hatmi, Asyad Group CEO. In an interview featured in Enjaz & Eejaz, the quarterly newsletter of Oman Investment Authority, Al Hatmi, said Asyad Group is 'actively exploring opportunities for foreign acquisition and expansion into new markets'. At the same time, various subsidiaries of the Group have kicked off a number of landmark initiatives that will catalyse further economic growth and investment inflows, he said. Notable among these developments are: the start of construction of the Muscat Airport Free Zone; southern expansion of Sohar Port; Phase 2 development of Sohar Freezone; development of Port Suwaiq and Port Sultan Qaboos; and preparatory works for the Hafeet Rail network project. 'In terms of future plans, ASYAD has completed all necessary studies to develop and operate the Integrated Economic Zone in Al Dhahirah Governorate, enhancing trade links with the Kingdom of Saudi Arabia. It has also finalized agreements for the establishment and operation of a dry port in Al Rawdha, Al Buraimi Governorate, to strengthen trade flows with the United Arab Emirates,' he added.
Observer
16-03-2025
- Business
- Observer
Oman's national shipping company to acquire six newbuild vessels by 2026-27
MUSCAT: Newly-listed national shipping company Asyad Shipping recorded a net profit of RO 51.6 million for the year ended December 31, 2024, compared to net earnings of RO 39.5 million for the previous year. Announcing its maiden financial report since its successful initial public offering (IPO) and subsequent listing on the Muscat Stock Exchange (MSX) last week, Asyad Shipping Group – encompassing subsidiaries investing in ship owning companies, vessel charter hire, voyage activities, and ship management activities - achieved an operating profit level of RO 86.90 million in 2024 compared to RO 65.6 million in 2023. Majority state-owned Asyad Shipping currently operates a fleet of 86 vessels, of which 47 are owned or co-owned, 33 are chartered-in and 6 are under order. The fleet comprises: 22 crude tankers (including 16 VLCCs, four Suezmax vessels and two Aframax vessels); 32 products tankers (26 MRs, two LR2s, two methanol carriers, one small tanker and one small chemical tanker); 17 dry bulk carriers (four VLOCs, nine Ultramax vessels, two Supramax vessels and two Kamsarmax vessels); 10 gas carriers (eight LNG carriers, one VLGC and one MGC); and Five container vessels (two Handymax vessels, one Handysize vessel, one Supramax vessel and one Panamax vessel). Significantly, six new vessels – currently under construction at Korean shipyards – are set to join the fleet over the next two years, said Abdulrehman Salim al Hatmi, Chairman of the Board of Directors – Asyad Shipping. The new acquisitions will support the company's growth and expansion into new markets, he noted. 'Going forward in 2025, the Company will continue the steady growth position in the regional market by expanding its fleet size across all segments. The company will follow its diversification plan of the fleet to offer more competitive activities in the industry. Taking advantage of the change in rates, chartering contracts can be negotiated to increase the revenue of the company,' Al Hatmi stated in the Directors report published here on Sunday. 'Additionally, the Company is committed to achieving its long-term growth plans, with 6 vessels under construction expected to be operational in 2026/2027. Strategies and plans for fleet expansion and diversification are set to ensure the company is on the right path to achieving its vision. The Company can extend its role to become a key player in the global supply chain realm, not only through seagoing transportation but also by integrating its services along the supply chain to maximize value, access cargo, and generate additional sources of income,' he added. The six newbuilds come on top of four newly built Very Large Crude Carriers (VLCC) that were acquired in 2024. The group's total asset value at the end of 2024 stood at RO 1,085.0 million, compared to RO 1,164.6 million in 2023. The net worth of the Company however increased from RO 443.8 million in 2023 to RO 469.3 million at the end of last year, as a result of the increase in profits for the year, the report added.
Observer
18-02-2025
- Business
- Observer
Oman's Asyad Shipping fleet to hit 112 ships by 2029
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.
