Asyad Shipping Company in Oman Records $140 Million in Revenue by 2022

Omani Asyad Shipping Company said it made a net profit of 54 million riyals ($140 million) in 2022, while revenues grew to 385 million Omani riyals ($1 billion).

Ibrahim Al-Naziri, CEO of Asyad Shipping and Dry Dock Company, said the company’s assets exceeded 577 million riyals ($1.5 billion) by the end of last year.

Al-Naziri pointed out that the cost of routine maintenance operations for the company’s fleet amounts to about 35 million Omani riyals annually and the periodic maintenance of the company’s fleet has been fully performed in the Duqm dry dock since 2014 AD, with the exception of emergencies, which are represented by the distance of the ship from the Sultanate of Oman, according to the Omani agency news.

He said the total vessels in Asyad’s shipping fleet would amount to 84 miscellaneous product tankers by the end of 2022, adding that the company plans to replenish its fleet with two container vessels in 2023 and purchase another 3 vessels for the transport of bulk materials.

He explained that the “Asyad Maritime Transport” fleet has reached 220 ports in worldwide, including ports that the company has continuously visited, so that the company’s fleet visits to ports have reached approximately 950 visits during the year 2022, during which the company has transported nearly 300 million barrels of crude and large quantities of bulk materials.

He said the company’s share amounts to 12% of the local bulk materials market and it expects to expand to reach 30% by AD 2027, while the company’s share in liquefied natural gas export is 34%.