Oman’s publicly listed Asyad Shipping, in partnership with Japanese shipping giant Mitsui OSK Lines (MOL), has completed the sale of their jointly owned LR2 product tanker Haima. The vessel, built in 2009, fetched OMR 24.3 million (approximately US $63.2 million), marking a significant step in Asyad’s fleet renewal strategy.
Transaction specifics
The 110,077 dwt tanker was held on a 50:50 joint‑venture basis between Asyad and MOL. Although the buyer has not been disclosed, the parties expect the transaction to close in the second half of November.
Financial impact
Accounting estimates indicate the sale will generate a combined gain of roughly OMR 19 million (US $49.4 million). Asyad’s share of the profit is projected at OMR 9.5 million (US $24.7 million), subject to final closing adjustments and the applicable accounting treatment.
Broader fleet optimisation
This disposal follows a September agreement in which Asyad sold three older tankers – the 2011‑built VLCCs Seeb and Samail, and the 2008‑built MR product tanker Al Amerat – for a total of OMR 68.44 million (US $178 million). The proceeds have been earmarked for a substantial expansion programme.
- Eight new MR product tankers are under construction at HD Hyundai, each secured with a five‑year charter.
- Additional Very Large Crude Carriers are being built for Hanwha Ocean, further diversifying the fleet.
Strategic outlook
Asyad’s management emphasises that the ongoing recycling of capital from aging vessels will continue to underpin its growth ambitions. The company remains open to further disposals of older tonnage as part of its systematic fleet renewal plan, ensuring a modern, efficient and environmentally compliant fleet for the coming decade.
Implications for the market
The sale underscores a broader industry trend where operators are pruning older, less efficient assets in favour of newer builds that meet stricter emission standards and benefit from longer charter contracts. For Asyad, the infusion of cash from the Haima transaction strengthens its balance sheet and supports the timely delivery of its newbuild programme, positioning the Omani carrier for enhanced competitiveness in the Middle‑East and global product tanker markets.