Asyad Oman Shipping Company has entered into an agreement to sell three of its old tankers for $178 million (approximately 68.44 million Omani Rials). This sale is being conducted to expedite the modernization of the company's aging fleet.
Details of the Tanker Shipment
In this agreement, Asyad has sold two Very Large Crude Carriers (VLCC) named Seeb and Samail, built in 2011, for a total price of 61.7 million Omani Rials (160.5 million dollars). Additionally, the MR tanker named Al Amerat, built in 2008, has been sold for 6.74 million Omani Rials (17.5 million dollars). These tankers have capacities of 319,439 and 302,845 deadweight tonnage (dwt) and were built by DSME in South Korea and Japan.
Read more: Construction of a Dedicated Route for Tankers at the Shahran Oil Depot
Fleet Modernization Strategy
The sale of these tankers comes as Asyad is modernizing its fleet by constructing new tankers. Last year, the company agreed to sell another VLCC named Saiq for 23 million Omani Rials (60 million dollars). These sales are expected to positively impact revenues by approximately 8 million Omani Rials (20 million dollars). Additionally, Asyad is seeking opportunities to sell old vessels and invest in a more modern fleet.
Asyad has recently placed an order for the construction of three new tankers with a capacity of 300,000 tons (dwt) from Hanwha Ocean, with an estimated cost of around 388.5 million dollars. The delivery date for these tankers will be in 2028 and 2029. Furthermore, the company is constructing a new MR fleet in South Korea and has recently exercised options to purchase two additional vessels with a capacity of 49,999 tons.
In the first half of this year, Asyad's capital expenditures more than doubled, and the company's net profit increased by 92%. The company has stated that favorable prices for old vessels have allowed them to accelerate their fleet modernization while simultaneously adding more modern ships to their fleet.
At the end of June, Asyad's fleet consisted of 91 vessels, with 79 vessels currently in operation and 12 vessels under construction. This modernization trend reflects Asyad's strong strategy for improving and developing its fleet.
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