Oman’s Asyad Shipping has returned to HD Hyundai Heavy Industries for two more MR product tanker newbuildings, taking a charter-backed programme launched just two months ago to eight ships.
The Muscat-listed owner is paying around OMR39.89m ($103.6m) for the latest pair of 49,999 dwt tankers, with deliveries scheduled for 2029.
Both ships already have five-year time charters in place with an unnamed global energy company and will be sister vessels to the six MRs Asyad ordered at the South Korean yard in July. The latest newbuilds will be financed through a combination of existing cash and debt.
The follow-on order takes Asyad’s investment across the eight-ship series to around OMR158.9m ($411.6m).
Splash reported in July that the first six 49,999 dwt ships were booked for around OMR119m ($308m), with deliveries also starting in 2029. All six came with five-year charter cover from what Asyad described as a leading global energy company.
The additional pair strengthens a sizeable existing product tanker operation. Asyad’s latest fleet overview lists 35 product tankers among a diversified fleet of more than 90 ships spanning crude tankers, dry bulk, gas and liner shipping. Total fleet capacity stands at around 11.4m dwt.
The state-backed company has been particularly active since listing on the Muscat Stock Exchange in March 2025, using a mix of newbuildings and secondhand acquisitions to grow while securing employment alongside many of its purchases.
At the end of 2025, Asyad had 91 vessels, including ships under construction and secondhand tonnage awaiting delivery, while contracted revenue stood at $2.2bn extending beyond 2030. Eleven additional vessels were scheduled to join the fleet during 2026 and 2027.
This year’s expansion has not been limited to tankers. Splash reported in April that Asyad entered the kamsarmax sector through the $72.7m acquisition of two 2023-built ships. It followed that a month later with two 100,309 dwt baby capes for $75.8m, both backed by three-year charters to an international dry bulk operator.