MUSCAT: Total assets of Asyad Shipping Company SAOG, Oman’s majority government-owned maritime transportation company, has recorded a rise in the valuation of its assets to RO 1.099 billion at the end of Q1 2025, up from RO 1.085 billion at the end of 2024 – a growth driven by an increase in property, vessels and equipment, right of use assets and trade receivables.

Announcing its maiden financial results for Q1 2025 – the first since the company’s successful listing on the Muscat Stock Exchange (MSX) in March following the completion of its Initial Public Offering (IPO) – Asyad Shipping also witnessed an increase in the size of its diversified ocean-going transportation fleet.

“During the first quarter of 2025, two newly built Product Tankers had been acquired that are under construction where the first installment was paid for in Q1 2025; Furthermore, we have made an additional payment related to one of the newly built LNG vessels acquired in 2023,” Abdulrahman Salim Al Hatmi, Chairman of the Board of Directors - Asyad Shipping Company SAOG, noted in the Directors’ report for the quarter.

Owned 80 per cent by Asyad Group, the Oman-based global integrated logistics enterprise, Asyad Shipping currently operates a fleet of 86 vessels, of which 47 are owned or co-owned, 33 are chartered-in and 6 are under order. The fleet comprises: 22 crude tankers (including 16 VLCCs, four Suezmax vessels and two Aframax vessels); 32 products tankers (26 MRs, two LR2s, two methanol carriers, one small tanker and one small chemical tanker); 17 dry bulk carriers (four VLOCs, nine Ultramax vessels, two Supramax vessels and two Kamsarmax vessels); 10 gas carriers (eight LNG carriers, one VLGC and one MGC); and Five container vessels (two Handymax vessels, one Handysize vessel, one Supramax vessel and one Panamax vessel). A further six new vessels, currently under construction at Korean shipyards, are set to join the fleet over the next two years.

Asyad Shipping and its associated ship management and charter companies reported a net profit of RO 11.4 million for Q1 1025, compared to RO 12.8 million for the same period in 2024. Gross revenue amounted to RO 83.8 million, which was slightly lower than the RO 86.4 million recorded in Q1 2024.

Parent holding company Asyad Group – part of Oman Investment Authority (OIA) – continues to leverage its expansive presence encompassing the ports, shipping and maritime, land and coastal transportation, and logistics segments, to reinforce the country’s appeal as a logistics hub.

“Asyad Group is committed to positioning the Sultanate of Oman as a global logistics gateway and a regional distribution hub for international trade,” commented Abdulrahman al Hatmi, Asyad Group CEO.

In an interview featured in Enjaz & Eejaz, the quarterly newsletter of Oman Investment Authority, Al Hatmi, said Asyad Group is “actively exploring opportunities for foreign acquisition and expansion into new markets”.

At the same time, various subsidiaries of the Group have kicked off a number of landmark initiatives that will catalyse further economic growth and investment inflows, he said. Notable among these developments are: the start of construction of the Muscat Airport Free Zone; southern expansion of Sohar Port; Phase 2 development of Sohar Freezone; development of Port Suwaiq and Port Sultan Qaboos; and preparatory works for the Hafeet Rail network project.

“In terms of future plans, ASYAD has completed all necessary studies to develop and operate the Integrated Economic Zone in Al Dhahirah Governorate, enhancing trade links with the Kingdom of Saudi Arabia. It has also finalized agreements for the establishment and operation of a dry port in Al Rawdha, Al Buraimi Governorate, to strengthen trade flows with the United Arab Emirates,” he added.

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