Oman’s national shipping company to acquire six newbuild vessels by 2026-27
Asyad Shipping Reports Strong Profit Growth
MUSCAT: Asyad Shipping, a newly-listed national shipping company, has announced a significant increase in its net profit for the year ending December 31, 2024. The company reported a net profit of RO 51.6 million, up from RO 39.5 million the previous year. This marks the company’s first financial report since its successful initial public offering (IPO) and listing on the Muscat Stock Exchange (MSX) last week.
Impressive Financial Performance and Fleet Expansion
Asyad Shipping Group, which includes subsidiaries involved in ship ownership, vessel chartering, and ship management, achieved an operating profit of RO 86.90 million in 2024, a notable increase from RO 65.6 million in 2023. The company operates a diverse fleet of 86 vessels, comprising 47 owned or co-owned ships, 33 chartered vessels, and six ships currently under construction. The fleet includes a variety of tankers, bulk carriers, gas carriers, and container vessels, showcasing the company’s extensive capabilities in maritime transport.
Chairman Abdulrehman Salim al Hatmi highlighted the addition of six new vessels, which are being constructed at Korean shipyards and expected to join the fleet within the next two years. These new acquisitions are part of Asyad Shipping’s strategy to expand its market presence and enhance its operational capacity. Al Hatmi emphasized the company’s commitment to steady growth in the regional market, with plans to diversify its fleet and negotiate favorable chartering contracts to boost revenue.
Long-Term Growth and Strategic Vision
Looking ahead to 2025, Asyad Shipping aims to continue its growth trajectory by expanding its fleet across all segments. The company is focused on implementing a diversification plan that will enable it to offer more competitive services in the shipping industry. Al Hatmi noted that the company is dedicated to achieving its long-term growth objectives, with the six new vessels expected to be operational by 2026 or 2027.
In addition to the new builds, Asyad Shipping acquired four newly constructed Very Large Crude Carriers (VLCCs) in 2024. The group’s total asset value at the end of 2024 was RO 1,085.0 million, down from RO 1,164.6 million in 2023. However, the company’s net worth increased from RO 443.8 million in 2023 to RO 469.3 million at the end of last year, reflecting the positive impact of increased profits. Al Hatmi concluded that Asyad Shipping is on a path to becoming a key player in the global supply chain, integrating its services to maximize value and generate additional income sources.
