Omani Asyad Shipping JV with Mitsui to Sell Tanker Haima

Asyad Shipping Company’s 50:50 joint venture with Japan’s Mitsui OSK Lines Ltd has agreed to sell its LR2 tanker Haima for approximately RO24.3 million (US$63.2 million), with the transaction expected to generate a gain of around RO19 million (US$49.4 million) for the joint venture.

Under the memorandum of agreement signed on November 6, Asyad Shipping’s share of the expected gain will be approximately RO9.5 million (US$24.7 million), reflecting its 50% stake in the joint venture. The final amount will be subject to closing adjustments and the applicable accounting treatment, the company said in a disclosure to the Muscat Stock Exchange.

The tanker is expected to be handed over to its new owner in the second half of November. Built in 2009, Haima has been part of Asyad Shipping’s fleet since its construction.

The planned sale forms part of Asyad Shipping’s strategy to maintain a younger fleet and improve operational efficiency through the gradual divestment of older vessels.

Asyas Shipping said it remains committed to a disciplined fleet renewal strategy, with proceeds from planned divestments to be utilised to support the company’s ongoing expansion plan.

The transaction reflects the company’s continued efforts to optimise its fleet composition while generating value from older assets and redirecting capital towards future growth.

Asyad Shipping operates a diversified fleet of approximately 90 vessels, serving more than 60 countries across five business segments: crude, dry bulk, gas, liner and products.