Asyad awards $308m contract to Korean shipbuilder

Asyad Shipping, a subsidiary of Oman’s state-backed Asyad Group, has awarded a contract to build six medium-range tankers to South Korean shipbuilder Hyundai Heavy Industries.

The contract is valued at OMR119 million ($308 million), the company said in a statement to the Muscat Stock Exchange.

The company has also signed five-year time-charter agreements for all six vessels with a “leading global energy company”, the statement said.

Each vessel will have a capacity of 49,999 deadweight tonnes and feature fuel-efficient shipbuilding technologies and designs.

The vessels are expected to be delivered from 2029, it said.

In January, Asyad Shipping awarded a construction contract worth OMR150 million for three very large crude carriers to South Korea’s Hanwha Ocean.

Asyad Shipping operates a fleet of more than 90 vessels, with a total deadweight capacity of 11.4 million tonnes, transporting liquefied natural gas, crude oil and other products, according to its website.

Shares of the company closed at OMR0.278 on Thursday, up 44 percent so far this year.

Further reading:

• Oman and France to build $400m maritime logistics terminal
• Oman’s logistics sector rises to the challenge of Iran war
• Asyad Shipping awards $400m contract to Korean shipyard