Oman-based Asyad Shipping Company has agreed to purchase six medium range product tankers from South Korean shipbuilder Hyundai Heavy Industries. Signed on July 8, the shipbuilding contract is valued at approximately OMR119 million ($308 million).
Alongside the construction deal, the company secured five-year time-charter agreements with a major global energy firm for all six vessels.
The vessels are expected to be delivered starting in 2029, according to a company statement.
Asyad Shipping noted that the vessels will have a deadweight capacity of approximately 49,999 DWT, and will utilise designs geared toward fuel efficiency.
Chief Executive Officer Dr. Ibrahim Al-Nadhairi expressed "confidence in the long-term fundamentals of the product tanker market" following the announcement.
In May, the company took delivery of a brand-new VLCC built by Hanwha Ocean in South Korea. It expects to receive three more vessels of the same design later this year, with a further three scheduled for delivery between 2028 and 2029.
