Asyad Shipping Orders Six MR Product Tankers in $308 Million Deal

Shipping Arabia, July 14, 2026 – Asyad Shipping has signed contracts worth about $308 million with Hyundai Heavy Industries for six medium-range product tankers, extending the Omani company’s fleet renewal and expansion program.

The majority state-owned shipping company disclosed the investment in a July 9 filing to the Muscat Stock Exchange. All six vessels have also been secured under five-year time-charter agreements with a leading global energy company, providing contracted employment from delivery, which is scheduled to begin in 2029.

Each tanker will have a deadweight capacity of about 49,999 tonnes and feature advanced eco-design specifications, improved fuel efficiency and the latest generation of shipbuilding technologies.

Asyad Shipping Chief Executive Dr. Ibrahim Al-Nadhairi said the combination of efficient vessel designs and long-term charter coverage reflected the company’s disciplined approach to investment and confidence in the long-term outlook for the product tanker market.

MR tankers typically transport refined petroleum products such as gasoline, diesel, jet fuel and naphtha between refineries, storage terminals and end markets. Their size allows them to serve a broad range of ports and regional trading routes.

The order forms part of Asyad Shipping’s plan to invest between $2.3 billion and $2.7 billion in fleet expansion through 2029.

The company has accelerated fleet growth across several shipping segments. In May, it named the LNG carriers MUSCAT LNG and MUSANDAM LNG and inaugurated the tanker BIDBID. The LNG vessels were built at Hyundai Samho and are equipped with dual-fuel propulsion and advanced boil-off gas management systems.

In April, Asyad Shipping added three 208,000-deadweight-tonne Newcastlemax bulk carriers — AIN GARZIZ, AIN RAZAT and AIN ATHUM — in a transaction valued at about $209 million.

The company has also ordered three 300,000-deadweight-tonne very large crude carriers from Hanwha Ocean for about $388.5 million. The vessels will be dual-fuel ready, allowing future conversion to lower-carbon marine fuels.

Source: Oman Observer

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