Oman’s state-owned shipping company Asyad Shipping is bolstering its crude oil tanker fleet expansion plan through a shipbuilding project, having placed an order for three new vessels with a South Korean shipyard.
Recently, Asyad Shipping signed a contract with Hanwha Ocean for the construction of three 300,000 DWT Very Large Crude Carriers (VLCCs). The total value of the deal is approximately $388.5 million, with each vessel costing about $129.5 million. Delivery is scheduled between 2028 and 2029.
The batch of VLCCs has been confirmed by owner Asyad Shipping. The new vessels will be equipped with dual-fuel engines, shaft generator systems, desulfurization units, and other core upgrades focused on enhancing energy efficiency.
It is understood that this marks the second collaboration between Asyad Shipping and Hanwha Ocean in several months, and also represents Hanwha Ocean’s first publicly announced shipbuilding contract for 2026. In 2024, the shipowner ordered four 320,000 DWT VLCCs from Hanwha Ocean at a price of approximately $130 million per vessel, and received an earlier delivery date from Hanwha Ocean, originally scheduled for 2026 and the first quarter of 2027.
An Asyad Shipping representative stated: “The latest contract with Hanwha Ocean is a key component of the company’s fleet renewal plan. The additional capacity will enable the shipowner to offer greater VLCC transportation capabilities with a younger, more energy-efficient fleet.”
According to its official website, Asyad Shipping conducts ship ownership, ship chartering, and technical ship management operations through its three subsidiaries: Oman Ship Management Company (OSMC), Oman Chartering Company (OCC), and Oman Container Lines (OCL). Currently operating a diversified fleet with a total capacity of 8 million tons, the company’s fleet includes VLCCs, product tankers, LNG carriers, chemical tankers, LPG carriers, ultra-large ore carriers and dry bulk carriers. It also provides multiple regional container shipping services to meet diverse customer needs.
Asyad Shipping has listed on the Muscat Securities Market, completing its initial public offering in early 2025 and raising approximately $333 million to support a $2.7 billion investment plan for fleet modernization and expansion. The company stated it plans to increase its fleet by about 30 vessels. Its current fleet comprises approximately 90 vessels, including 12 owned VLCCs and 6 chartered crude oil tankers.
This new vessel order comes at a time when Asyad Shipping is continuously restructuring its fleet. In December 2025, the company agreed to sell four partially owned LNG carriers—the “Ibra”, “Ibri”, “Nizwa”, and “Salalah”—built approximately 20 years ago, for approximately $110 million. These vessels are expected to be delivered to new owners in the first quarter of 2026.