The Oman-based Asyad Shipping Company S.A.O.G has signed shipbuilding contracts with South Korean shipbuilder Hyundai Heavy Industries for the construction of two additional medium range product tankers.
Announcing the deal, Asyad Shipping Company said in a filing to the Muscat Stock Exchange that the contracts were signed on September 8, for total consideration of approximately US$103.6m, which will be funded through a standard mix of existing cash and debt financing, as per the company’s normal course of business.
The two 49,999 dwt medium range product tankers are sister vessels to the six MR tankers that were announced on July 8, 2026.
Each vessel will be deployed on a five-year time-charter contract with a global energy company, with deliveries scheduled for 2029.
Dr. Ibrahim Al-Nadhairi, chief executive officer of Asyad Shipping, said: “Following the successful order of six MR tankers earlier this year, we are pleased to further expand our fleet with two additional sister vessels supported by long-term charter employment.
“This transaction reflects our strategy of investing in modern, fuel-efficient assets where growth is underpinned by attractive commercial arrangements and strong counterparties.
“As we look ahead to their delivery in 2029, these vessels will strengthen our ability to support our customers’ evolving requirements, enhance earnings visibility, and reinforce the competitiveness of our tanker fleet.
“Together with the six sister vessels announced in July, they will enhance Asyad Shipping’s reliability, resilience and ability to keep energy trade moving in a complex business environment while capturing opportunities arising from growing seaborne trade and energy transportation demand and delivering sustainable long-term value for our shareholders.”
