Omani state shipping subsidiary Asyad Shipping Company is renewing its fleet of tankers. Since the end of last year, the firm has sold the 15-year-old VLCC Saiq, and its partially-owned LNG vessels Ibra, Ibri, Nizwa and Salalah for a combined $170mn, according to recent disclosures on the Muscat Stock Exchange.
On 14 January it signed a $389mn deal with Korean shipbuilder Hanwha Ocean for three new VLCCs to be delivered over the 2028-2029 period. “This investment is a key step in advancing our fleet renewal programme. These vessels will feature cutting-edge technology and enhanced fuel efficiency, enabling us to offer customers greater VLCC capacity within a modern, young fleet,” says CEO Ibrahim al-Nadhairi. Gulf shipping firms have been expanding their fleets in recent years (MEES, 28 February 2025). (CONTINUED - 125 WORDS)