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Newly-listed national shipping company Asyad Shipping recorded a net profit of RO 51.6 million for the year ended December 31, 2024, compared to net earnings of RO 39.5 million for the previous year.
Announcing its maiden financial report since its successful initial public offering (IPO) and subsequent listing on the Muscat Stock Exchange (MSX) last week, Asyad Shipping Group – encompassing subsidiaries investing in ship owning companies, vessel charter hire, voyage activities, and ship management activities – achieved an operating profit level of RO 86.90 million in 2024 compared to RO 65.6 million in 2023.
Majority state-owned 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).
Significantly, six new vessels – currently under construction at Korean shipyards – are set to join the fleet over the next two years, said Abdulrehman Salim al Hatmi, Chairman of the Board of Directors – Asyad Shipping. The new acquisitions will support the company’s growth and expansion into new markets, he noted.
“Going forward in 2025, the Company will continue the steady growth position in the regional market by expanding its fleet size across all segments. The company will follow its diversification plan of the fleet to offer more competitive activities in the industry. Taking advantage of the change in rates, chartering contracts can be negotiated to increase the revenue of the company,” Al Hatmi stated in the Directors report published here on Sunday.
“Additionally, the Company is committed to achieving its long-term growth plans, with 6 vessels under construction expected to be operational in 2026/2027. Strategies and plans for fleet expansion and diversification are set to ensure the company is on the right path to achieving its vision. The Company can extend its role to become a key player in the global supply chain realm, not only through seagoing transportation but also by integrating its services along the supply chain to maximize value, access cargo, and generate additional sources of income,” he added.
The six newbuilds come on top of four newly built Very Large Crude Carriers (VLCC) that were acquired in 2024. The group’s total asset value at the end of 2024 stood at RO 1,085.0 million, compared to RO 1,164.6 million in 2023. The net worth of the Company however increased from RO 443.8 million in 2023 to RO 469.3 million at the end of last year, as a result of the increase in profits for the year, the report added.