Asyad Shipping pursues fleet renewal and MSX free float increase

Asyad Shipping is executing a fleet renewal strategy through the sale of three vessels. The company has agreed to sell two very large crude carriers (VLCCs), the Seeb and Samail, for OMR 61.7 million ($160.2 million). These 2011-built vessels are being replaced by four newbuild VLCCs scheduled to join the fleet by the end of 2026. The transaction is expected to generate a positive profit impact of approximately OMR 29 million across 2026 and 2027.

Additionally, the company sold the Al Amerat, a medium range tanker built in 2008, for approximately OMR 7.74 million. This sale is expected to yield a positive profit impact of roughly OMR 0.5 million.

Separately, Asyad Shipping plans to increase its public free float on the Muscat Stock Exchange (MSX) before 2027. Following its 2025 IPO, which featured a 20% free float, the company intends to sell at least an additional 5% stake to meet the MSX’s minimum 25% requirement. The parent company, Asyad Group, is currently evaluating the timing and structure of this sale in consultation with the Financial Services Authority.