Asyad Shipping has placed a $308m order for six MR product tankers at HD Hyundai Heavy Industries in South Korea, signaling a major expansion into the product tanker segment with deliveries slated to begin from 2029, according to Splash247. The vessels, each of 49,999 dwt, are backed by five-year time charter contracts with a leading global energy company, ensuring stable revenue for the Omani owner.
The order, disclosed via a stock exchange filing, is part of Asyad's ongoing fleet growth since its listing on the Muscat Stock Exchange last year. Ibrahim Al-Nadhairi, CEO of Asyad, said the ships would feature advanced eco-design specifications and improved fuel efficiency. He added that the long-term charters support the company's capital allocation approach and reflect confidence in the longer-term product tanker market.
Fleet Expansion Details
Asyad operates a diversified fleet of around 90 ships. This MR tanker order follows two dry bulk acquisitions reported by Splash247 earlier in 2026:
| Vessel Type | Quantity | Size (dwt) | Cost | Transaction Date | Charter Backing |
|---|---|---|---|---|---|
| MR Product Tanker | 6 | 49,999 each | OMR119m ($308m) | July 2026 | 5-year time charter to global energy company |
| Kamsarmax (bulk) | 2 | 85,000 each | ~$73m | April 2026 | Not disclosed |
| Baby Cape (bulk) | 2 | 100,309 each | ~$75.8m | May 2026 | 3-year time charter to leading international dry bulk operator |
These moves highlight Asyad's strategy of expanding across multiple vessel classes with long-term charters providing earnings visibility.
Shipper and Operator Implications
For freight forwarders and logistics managers, the order increases future capacity in the product tanker segment but not until 2029. Since the vessels are contracted under long-term charters, spot market availability will not be directly affected for several years. Shippers of refined petroleum products may see stable rates on routes served by the chartered vessels, though competition on other MR tanker lanes could eventually tighten as new ships enter the global fleet. The eco-design features may also lead to lower fuel costs and emissions, aligning with shippers' sustainability goals.
Watch List
- Delivery schedule of the six MR tankers from 2029 onward
- Potential follow-up orders from Asyad in MR or other tanker segments
- Performance of the chartered vessels on specific trade lanes operated by the unnamed global energy company
- Further dry bulk acquisitions as Asyad continues its expansion after its stock market listing
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