Bid & Tender

News

HHI Wins $308mn Contract from Asyad Shipping

Asyad Shipping Company S.A.O.G. has awarded a shipbuilding contract worth approximately OMR 119 million (USD 308 million) to Hyundai Heavy Industries Co., Ltd. for the construction of six Medium Range (MR) product tankers, as part of its strategic fleet expansion program.

The shipbuilding contracts mark another significant investment by Asyad Shipping to strengthen its modern tanker fleet and enhance its position in the global maritime transportation market.

In parallel with the shipbuilding contracts, Asyad Shipping signed five-year time-charter agreements with a leading global energy company covering all six vessels, ensuring long-term employment for the fleet upon delivery.

Under the contract, Hyundai Heavy Industries will design and construct six next-generation MR product tankers, each with a carrying capacity of approximately 49,999 deadweight tonnes (DWT). The vessels will incorporate advanced eco-friendly shipbuilding technologies, enhanced fuel-efficient designs, and the latest environmental performance features to improve operational efficiency and reduce emissions.

The vessels are scheduled for delivery beginning in 2029 and are expected to strengthen Asyad Shipping’s capability to serve the international refined petroleum products transportation market while supporting sustainable fleet modernization.

Commenting on the award, Dr. Ibrahim Al-Nadhairi, Chief Executive Officer of Asyad Shipping, said the investment reflects the company’s disciplined capital allocation strategy and confidence in the long-term outlook of the product tanker market.

He added that the partnership with Hyundai Heavy Industries will deliver highly efficient, eco-designed vessels that, combined with long-term charter agreements, will enhance operational reliability, commercial competitiveness, and long-term value creation for the company.

BACK

Related News