Asyad Shipping Company S.A.O.G has placed a major order for six MR product tankers supported by five-year time charter contracts.
Announcing the deal, Asyad Shipping Company said in a filing to the Muscat Stock Exchange on Wednesday that it came to an agreement with Hyundai Heavy Industries Co., Ltd. a South Korean shipbuilder, for the construction of six medium range (MR) product tankers.
The contracts were signed on July 8, for a total consideration of approximately US$308m.
The Muscat-listed shipowner said that on the same day it also signed five-year time charter contracts with what it described as a leading global energy company for all six vessels.
According to the company’s announcement, the 49,999-dwt ships will feature the most advanced and fuel-efficient shipbuilding technologies and designs, with deliveries expected from 2029.
Dr. Ibrahim Al-Nadhairi, chief executive officer of Asyad Shipping, said: “We are delighted to partner with Hyundai on the construction of six MR tankers, with advanced eco-design specifications and enhanced fuel efficiency.
“Supported by long-term charter arrangements with a leading global energy company, this investment reflects our disciplined approach to capital allocation and our confidence in the long-term fundamentals of the product tanker market.”
