Key Moments
- Asyad Shipping reported net profit of OMR 38.95m ($101.3m) for the first half of 2026, up from OMR 20.2m a year earlier.
- Revenue increased to OMR 172m from OMR 165m as freight rates and time charter earnings grew across all shipping sectors.
- The company sold four older LNG carriers for $110m and ordered six new MR product tankers for OMR 119m ($308m) as part of its fleet renewal strategy.
Stronger First-Half Performance
Oman’s Asyad Shipping reported a significant improvement in profitability for the first half of 2026, supported by firmer freight markets and gains from vessel disposals.
For the six months to 30 June, the Muscat-listed shipowner posted net profit of OMR 38.95m ($101.3m), compared with OMR 20.2m in the same period a year earlier. Revenue rose to OMR 172m from OMR 165m.
The company said freight rates and time charter earnings increased across all of its shipping segments, with newly delivered vessels also contributing to the stronger top line.
Segment Trends and Contract Developments
Asyad Shipping said it sustained robust income levels even after several LNG carrier contracts expired in late 2025. Performance was further supported by a favorable crude tanker environment and improved conditions in container shipping, according to the company.
The owner also recognized income from ship sales, which added to the earnings uplift in the period.
LNG Carrier Disposals and Fleet Profile
As part of its fleet renewal program, Asyad sold four of its oldest steam turbine LNG carriers in January for a total consideration of $110m, or around $27m per ship.
| Vessel | Capacity (cbm) | Year Built |
|---|---|---|
| Nizwa LNG | 147,684 | 2005 |
| Salalah LNG | 148,174 | 2005 |
| Ibri LNG | 147,384 | 2006 |
| Ibra LNG | 147,100 | 2006 |
The four vessels – the partly owned 147,684-cbm Nizwa LNG, 148,174-cbm Salalah LNG (both built 2005), and the 147,384-cbm Ibri LNG and 147,100-cbm Ibra LNG (both built 2006) – were sold as the company continues to modernize its fleet.
Following these transactions, Asyad Shipping reported a fleet of 48 owned vessels, 31 chartered-in ships, and 12 newbuildings on order.
Management Commentary
Chief executive Ibrahim Al Nadhairi said: “Despite continued geopolitical uncertainty, Asyad Shipping benefited from positive market conditions across its key shipping segments.
“While market conditions remain volatile, the company’s financial strength, agile business model and growing base of long-term contracted revenue are well-positioned to navigate the evolving market environment, while remaining firmly committed to safe and reliable operations.”
New MR Tanker Orders in South Korea
Asyad Shipping recently expanded its orderbook with a new product tanker deal in South Korea. The company placed an order for six MR product tankers at HD Hyundai Heavy Industries.
The next-generation 49,999-dwt vessels carry a total price tag of OMR 119m ($308m), or $51.3m per ship, which the company said is consistent with prevailing price levels. Asyad added that the new tankers are expected to enhance its competitive position in the product tanker market.
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