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Oman’s state-controlled logistics giant Asyad Group has moved to sell shares in Asyad Shipping through an initial public offering.
Crédit Agricole Corporate and Investment Bank and Société Générale have been appointed as joint bookrunners for the group, which plans to sell a stake of at least 20% in Asyad Shipping and float it on the Muscat Stock Exchange.
Established in 2003, Asyad boasts a fleet of around 90 ships, including tankers, dry bulk vessels, and LNG carriers. Last July, the Middle Eastern owner ordered four VLCCs worth around $520m at Hanwha Ocean in South Korea, with deliveries set for 2026 and the first quarter of 2027.
The subscription period will start in February, and Asyad Shipping’s listing on the Omani bourse is expected in early March. Sohar International Bank will serve as the issue manager, while JPMorgan Chase, Jefferies Financial Group, EFG Hermes, and Oman Investment Bank are among the joint global coordinators.
Chinese builder New Dayang best known for its shipbuilding know-how in the dry bulk segment has sealed its first order for product tankers.
The shipbuilding arm of state-run machinery manufacturer Sumec Group has been commissioned to build four MR units for what it described as “world-renowned shipowners”.
Delivery details and financial terms have not been disclosed, but shipbuilding sources estimate each newbuild to cost around $45m.
New Dayang said the tankers would not only be “highly intelligent and have excellent environmental performance”, but also be methanol fuel ready.
The yard, which Sumec took over in 2018, has an orderbook that stands at more than 100 vessels most of which are ultramax bulkers of its flagship Crown 63 Plus design.
Thai owner Prima Marine has placed an order for six small product tanker newbuilds at China’s Ningbo Zhenhe Shipyard.
The deal with an undisclosed value covers 73-m-long 2,499 dwt vessels based on FKAB design and tailor-developed for easy and efficient operation in Thailand’s coast and rivers. Delivery details have not been divulged.
The newbuilds will feature several energy-saving and environmental solutions implemented into the design, including the low resistance FKAB F-Bow hull form, bio-diesel prepared main engine, shaft generator, and LED lighting.
In addition to domestic trades where Prima Marine operates about 20 small tankers, the company is also active in the aframax and VLCC segments as well as the offshore business via accommodation work barges and anchor handling tugs.
AtoB@C Shipping, a Swedish subsidiary of ESL Shipping, part of the Finnish conglomerate Aspo, has continued its fleet renewal push with a long-term charter deal for six newbuildings.
The shortsea operator will be adding low-emission 5,900 dwt ice class 1A bulkers to its fleet between 2025 and 2027 from German shipowner BAAS Shipping, a joint venture between Brise Bereederung and F&L Schifffahrt.
AtoB@C said the vessels, designed by Dutch Groot Design and under construction at China’s Jiangsu Dajin Heavy Industry, would enable almost a 50% reduction in CO2 emissions compared to the 5,000 dwt vessels currently in the fleet.
The first vessel, Baymar (pictured), was delivered last October and will enter AtoB@C’s fleet in the coming weeks. The second newbuild, Soundmar, will be delivered in January, while the remaining four ships are set for delivery from Dajin shipyard within 2026.
AtoB@C Shipping’s own newbuilding program is also approaching its halfway mark as the sixth vessel, Terramar, was launched last December and is expected to be delivered in the first quarter of 2025. The company booked twelve 5,350 dwt plug-in hybrid vessels at Indian shipyard Chowgule & Company, with one vessel scheduled for delivery every quarter until the autumn of 2026.
“We are currently investing in the renewal of our owned fleet, but at the same time we need to secure modern, low-emission capacity for our time charter fleet as well,” said Frida Rowland, commercial director of AtoB@C Shipping and ESL Shipping.