• Oman

    • Asyad Shipping Inks Agreement to Build Two LNG Vessels

    By on January 16, 2023

    Muscat: Asyad Shipping, part of Asyad Group, signed an agreement with Hyundai Samho Heavy Industries – a renowned Korean shipyard – to build and deliver two Liquefied Natural Gas (LNG) vessels in 2026.

    The agreement aims to meet growing customer need on energy logistics services in anticipation of global growth in gas transportation demand. It also brings the total number of Asyad Group vessels to 72 tankers for various uses.

    The building of two state-of-the-art 5th generation tankers is in line with Asyad Shipping’s business plan towards a more balanced and diversified fleet serving the LNG, crude, petrochemical, bulk and container markets.

    Dr. Ibrahim Bakhit Al Nadhairi, Asyad Shipping and Asyad Drydock CEO said the introduction of new vessels would reinforce Asyad Group’s fleet with the latest international models. The agreement is also another step towards achieving the expansion plans of Asyad Group and boosting its competitiveness by providing reliable solutions to its growing local and international customer base.

    He said, “Given the trends in today’s energy market that indicate higher demand for LNG compared to conventional fossil fuels, we have chosen to expand our logistics capabilities in this sector and bring in advanced LNG carriers with a capacity of 174,000 cubic meters. The two vessels will be managed by our Ship Management Company which was recently named among the best international ship management companies.”

    “We chose these fifth-generation carriers in line with the highest international standards of environmental and commercial sustainability, as they have a high level of fuel efficiency and a low carbon footprint compared to other carriers. In addition, through these new assets, Asyad Shipping seeks to increase the in-country value in the LNG sector by integrating with Omani production and export companies and providing them with comprehensive logistics solutions that support the entire value chain in particular and the national economy in general,” he added.

    The world-class carriers will, thus, increase Asyad Group’s presence as an integrated logistics provider in global and regional energy markets as one of the fastest growing national shipping lines in the region, and bolster Oman’s position as a vital global energy logistics hub.

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