Oman's Asyad Shipping Company has announced that it has awarded Hyundai Heavy Industries Company (HHI) contracts for the construction of two new medium range product tankers as part of its fleet expansion strategy.
Due for delivery in 2029, these tankers will be sister vessels to six MR tankers previously ordered by Asyad Shipping, with the latest additions further expanding the company’s modern product tanker fleet.
The tankers are valued at RO40 million ($104 million), stated Asyad Shipping in filing to the Muscat stock exchange.
The contracts, sealed recently, cover the construction of two MR product tankers that will be secured under five-year time charter contracts with a leading global energy company.
Each vessel will have a deadweight capacity of 49,999 DWT and will incorporate advanced shipbuilding technologies and fuel-efficient designs, representing the next generation of MR product tankers, it stated.
Oman's Asyad Shipping Company has announced that it has awarded Hyundai Heavy Industries Company (HHI) contracts for the construction of two new medium range product tankers as part of its fleet expansion strategy.
Due for delivery in 2029, these tankers will be sister vessels to six MR tankers previously ordered by Asyad Shipping, with the latest additions further expanding the company’s modern product tanker fleet.
The tankers are valued at RO40 million ($104 million), stated Asyad Shipping in filing to the Muscat stock exchange.
The contracts, sealed recently, cover the construction of two MR product tankers that will be secured under five-year time charter contracts with a leading global energy company.
Each vessel will have a deadweight capacity of 49,999 DWT and will incorporate advanced shipbuilding technologies and fuel-efficient designs, representing the next generation of MR product tankers, it stated.
Asyad Shipping said the latest contracts follow Asyad Shipping’s earlier order for six MR tankers, announced in July. Together, the vessels will strengthen the company’s presence in the global product tanker market and support its long-term fleet renewal and expansion strategy.
"The investment will be funded through a combination of existing cash resources and debt financing, in line with its strategy of investing in modern, fuel-efficient maritime assets supported by long-term charter arrangements with leading international energy companies," said a company spokesman.
"The five-year charter agreements are expected to provide long-term revenue visibility while strengthening Asyad Shipping’s ability to meet growing demand for the transportation of refined petroleum products and energy commodities," he added.-TradeArabia News Service
