Oman inks deal for two new LNG carriers worth over $500m

Diversified fleet: Asyad Shipping signs agreement with South Korean shipyard for delivery of fifth generation LNG tankers by mid-2026 CONRAD PRABHU MUSCAT: Asyad Shipping – part of Asyad Group, the Sultanate of Oman’s global integrated logistics service provider – has signed an agreement with South Korean shipyard Hyundai Samho Heavy Industries for the construction of a pair of state-of-the-art LNG carriers.

State-owned Asyad Group noted in a post on Thursday that the agreement signing, covering the supply of two new fifth generation LNG carriers, represents “another landmark in the Group’s expansion plans to bolster its energy logistics capabilities and meet growing global demand”.

According to a filing by the Korean shipyard to the local stock exchange, the order for the two LNG carriers is worth the equivalent of $505.5 million. It added that the vessels are slated for delivery by mid-2026.

Oman LNG, at whose disposal the new LNG tankers are expected to be placed, added in a tweet: “We are pleased to congratulate Asyad Group on the signing an agreement to build two fifth-generation LNG carriers. This step will constitute a milestone in supporting the economy and the logistics sector in the Sultanate of Oman. We wish them and the logistics sector in the Sultanate of Oman continued success.”

Yeongam-based Hyundai Samho Heavy Industries, a subsidiary of Korea Shipbuilding & Offshore Engineering (KSOE), is a specialist in the construction of LNG-powered ships. The parent group’s orderbook for 2022 currently covers the construction of 184 ships valued at over $22 billion.

Asyad Shipping, the nation’s national ocean-going maritime transporter, currently operates a diversified fleet of more than 70 vessels with a total Deadweight capacity (DWT) of 8 million. It includes a mix of Very Large Crude Carriers (VLCCs), Product Tankers, LNG carriers, Chemical carriers, LPG Tankers, Very Large Ore Carriers (VLOCs) and Dry Bulk carriers as well as various regional container line services. The national fleet presently caters to the maritime transportation requirements of Oman’s rapidly growing hydrocarbon, petrochemical, mining, and metallurgical industries.

Earlier this year, Asyad Shipping launched a new container line that connects Oman directly to Singapore and Malaysia to increase trade relations with Asian countries and to provide Omani traders with a fast, time and cost-effective access to Singapore as an international distribution hub and subsequently to Southeast Asian markets.
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