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Asyad to list at least 20% of Asyad Shipping in Muscat IPOAsyad to list at least 20% of Asyad Shipping in Muscat IPO

Up to $2.7bn in medium term investments planned as Asyad prepares to leverage Oman green hydrogen, LNG, oil and gas growth.

Gary Howard, Middle East correspondent

January 23, 2025

2 Min Read
Image: Asyad Group

Oman’s Asyad Group has announced its intention to float at least 20% of its shipping arm Asyad Shipping Company on the Muscat Stock Exchange.

Asyad Shipping Company said it operated a fleet of 89 ships as of 30 September, 2024. Its website lists a fleet of 95 vessels comprising 22 crude tankers, 34 product tankers, 23 dry bulk vessels, 10 gas carriers and five container ships.

Asyad Group is owned by Oman’s sovereign wealth fund Oman Investment Authority (OIA), which has stated its intention to seek IPOs for many of its assets. In 2024, OIA announced its largest IPO of 25% of OQ Exploration & Production, the largest in the history of the Muscat Stock Exchange.

At least 20% of Asyad Shipping is on offer, with scope to upsize the IPO by 15%. The group said the listing “would provide investors with the opportunity to invest in one of the world’s largest diversified maritime shipping companies and a key player in the Omani economy.“

Asyad Shipping has two LNG carriers on order and have a charter in place with Oman LNG ready for delivery in 2026. Beyond its fleet of container ships, product tankers, dry bulkers, crude tankers, container ships and gas carriers, Asyad Shipping has a chartering company and ship management companies servicing its own vessels and chartered-in tonnage.

Related:Ardmore records $120m profit for 2024 despite softer Q4

“ASC is well-positioned to leverage growth in Omani oil, gas, and LNG production, as well as advancements in green hydrogen projects. As a preferred partner for strategic Omani clients, it stands to benefit from strong economic and project growth in Oman,” Asyad Group said in its listing announcement.

The company has a $1.9bn revenue backlog and planned investments of $2.3bn-$2.7bn over the medium term, it said, to be funded by a mix of its own resources and bank financing.

About the Author

Gary Howard

Middle East correspondent

Gary Howard is the Middle East Correspondent for Seatrade Maritime News and has written for Seatrade Cruise, Seatrade Maritime Review and was News Editor at Lloyd’s List. Gary’s maritime career started after catching the shipping bug during a research assignment for the offshore industry. Working out of Seatrade's head office in the UK, he also produces and contributes to conference programmes for Seatrade events including CMA Shipping, Seatrade Maritime Logistics Middle East and Marintec. 

Gary’s favourite topics within the maritime industry are decarbonisation and wind-assisted propulsion; he particularly enjoys reporting from industry events.

Conferences & Webinars

Gary Howard regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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