Oman’s Asyad Group is continuing to expand its shipping capacity as earnings increase.
The shipowner, shipyard operator and ports company said net profit in 2022 was OMR 62.1m ($161m), against OMR 55.7m the year before.
Revenue grew to OMR 442.7m from OMR 305.7m.
The annual report reveals Asyad chartered in 32 more ships last year to operate in the spot market, without giving further details.
Shipping volumes rose 13% in 2022.
Asyad Shipping, the former Oman Shipping Co, includes container operation Asyad Line, which achieved 13% year-on-year growth, “strengthening our regional presence in the container transport sector”, chairman Nasser bin Sulaiman Hamad Al-Harthy said.
“On the financial front, the compound annual growth rate of Asyad Group revenue grew by 24% and the compound annual growth rate of the group’s profit grew by 46% since its inception,” he added.
By the end of 2022, shareholder equity had surged 79% since 2016, he noted.
During the year, Asyad launched an office in Singapore, ensuring a presence in an important global hub.
Two LNG carriers ordered in South Korea
Asyad Shipping ordered two 174,000-cbm LNG carriers in South Korea that will arrive from Hyundai Samho Heavy Industries in 2026.
The agreement is set to grow parent Asyad Group’s fleet to 70 vessels, meeting the expected increase in demand for LNG transport and energy logistics services in the global market.
Asyad already owns 13 VLCCs, aframaxes and product tankers, capesize bulkers, six other LNG carriers and a VLGC.
VesselsValue assesses the fleet as worth $2.9bn.
The company has also chartered in the first two of Greek owner Euroseas’ eco container ship newbuildings.
Shipyard operation Asyad Drydock took on 221 projects and made a net profit of OMR 12m.
