Asyad Shipping Sells Ageing Tanker Trio for $178 Million

Oman's Asyad Shipping has agreed to sell three of its oldest tankers for a total of OMR68.44 million ($178 million), as reported by Splash247 on 21 September 2026. This move aligns with the Muscat-listed company's strategy to replace ageing tonnage by investing in newbuilding vessels.

The sales include two 2011-built Very Large Crude Carriers (VLCCs), the Seeb and the Samail, which were sold for a combined OMR61.7 million ($160.5 million). Additionally, a separate transaction covers the 2008-built MR product tanker Al Amerat, priced at OMR6.74 million ($17.5 million).

The 319,439 dwt Seeb was constructed at South Korea's DSME, while the 302,845 dwt Samail originated from Japan. The Al Amerat is a 51,022 dwt STX-built product tanker delivered in December 2008.

Fleet Renewal and Disposals

The disposal of the Seeb and Samail effectively clears Asyad's fleet of its remaining 2011-built crude carriers. This follows an earlier sale of a sister-vintage VLCC, the Saiq, which was agreed late last year for OMR23 million ($60 million) and completed in the first half of 2026. Asyad anticipated a positive earnings impact of approximately OMR8 million ($20 million) from the Saiq disposal. The company stated its intention to continue seeking opportunities to sell older vessels and reinvest the proceeds into fleet expansion.

Splash247 notes that these recent sales coincide with significant newbuilding activity at the younger end of Asyad's fleet. The company ordered an additional three 300,000 dwt VLCCs from Hanwha Ocean for approximately $388.5 million, with deliveries scheduled for 2028 and 2029. These new orders supplement four VLCCs previously ordered from the Korean yard in 2024, each costing around $130 million. The first vessel from this earlier series, the Bidbid, was delivered two months ahead of schedule in May, with three more expected in the second half of the current year. Two of these have already secured long-term employment, according to Asyad's half-year results.

Product Tanker Expansion

Asyad is applying a similar renewal strategy to its product tanker segment. The sale of the Al Amerat occurs as the company is building a new charter-backed MR fleet in South Korea. Splash247 reported this month that Asyad exercised options for two additional 49,999 dwt ships at HD Hyundai, bringing its new product tanker programme to eight vessels. The total investment for these vessels is approximately OMR158.9 million ($411.6 million).

All eight of these new product tankers have secured five-year charter coverage and are slated for delivery from 2029. Asyad has shown considerable activity in both acquiring and divesting tonnage since its listing in Muscat. The company's first-half capital expenditure more than doubled to OMR260.4 million, while net profit rose by 92% to OMR38.9 million. In August, Asyad indicated that favourable market prices for older vessels provided an opportunity to accelerate fleet renewal while simultaneously adding modern tonnage. By the end of June, Asyad's fleet comprised 91 vessels, including 79 operational ships and 12 on order, prior to subsequent post-period investments.