Asyad Shipping doubles 9M earnings on higher freight rates

Higher freight rates and new ships doubled Oman’s Asyad Shipping’s income in 9M 2026. Net income jumped 107% y-o-y to OMR 67.7 mn, while revenue climbed 10% to OMR 277.4 mn, according to a preliminary disclosure (pdf).

Rates rose across all five of its shipping segments, led by crude and liner. Asyad also leaned harder into the spot market, which let it capture more of the rise, and newly delivered vessels added to earnings. The jump comes as disruption around Hormuz tied up tankers and pushed supertanker earnings to a record USD 805k per day earlier this month.

The fleet is still growing. Asyad had 51 owned vessels and 30 chartered-in ships at the end of September, with another 16 awaiting delivery. Those include six medium-range product tankers from an OMR 119 mn order with Hyundai Heavy Industries, due from 2029 under its OMR 1 bn five-year fleet expansion program.

Earnings picked up pace in recent months. Compared with 2Q 2026, revenue rose 11% and net income 26%, according to the release. That builds on a 1H in which net income surged 92% y-o-y to OMR 38.9 mn.