Asyad Shipping takes delivery of VLCC ‘Qurayyat'
Asyad Shipping Company SAOG, a listed entity on the Muscat Stock Exchange (MSX) under the trading code ASCO, has announced the successful delivery of one of two Very Large Crude Carriers (VLCCs) it acquired earlier this year. The vessel was received on July 11, 2025 and has been named 'Qurayyat', reflecting the company's pride in Oman's identity and coastal heritage.
The update follows a previous market disclosure made on April 30, 2025, which outlined the purchase of two VLCCs worth a total of $206 million. The second vessel is expected to be delivered soon, with shareholders and the market to be notified upon its arrival.
The vessels, each with a capacity of up to two million barrels, are among the largest in the world and represent a strategic investment to strengthen Asyad Shipping's capacity in the global energy sector.
In remarks reported by the Oman News Agency (ONA) on May 24, 2025, Emad bin Saeed Al Khaduri, Chief Commercial Officer of Asyad Shipping, said the acquisition is part of an integrated fleet expansion plan. He stressed that the new tankers are aligned with carbon neutrality standards, supporting the company's sustainability goals and enhancing its competitiveness in regional and international markets.
As of April 2025, Asyad Shipping's fleet comprised 85 vessels, with ongoing plans to grow further across key shipping sectors, including crude oil, liquefied natural gas (LNG), ethylene, ammonia, and oil derivatives. The company also operates with flexible commercial models, offering short- and long-term contracts in addition to spot agreements to meet dynamic market needs.
According to Al Khaduri, Asyad Shipping aims to invest between $2.3 and 2.7 billion as part of its expansion strategy, of which over $1 billion has already been committed. The pipeline includes additional tankers set to enter service in 2026 and 2027, including two LNG carriers, four crude oil carriers, and two product tankers.
Through its international operations, particularly its trade office in Singapore, Asyad Shipping managed and operated 38 tankers in 2024, a performance that underscores its operational efficiency and leadership in the global maritime sector.
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